BITCOIN ETPS NOW HOLD OVER 1 MILLION BTC 

Bitcoin exchange-traded products (ETPs), which provide investment exposure to BTC, have collectively surpassed 1 million BTC in holdings globally.

Recent Trends

Since the launch of spot Bitcoin ETFs in the United States in mid-January, 11 ETFs have accumulated a total of 855,619 BTC, averaging 6,200 BTC per day.

Global Holdings

According to HODL15Capital, 21 additional Bitcoin ETPs from countries like Canada, Germany, and Brazil have contributed to a total of 1,002,343 BTC held, valued at approximately $68 billion. This represents 5.08% of the current circulating supply of 19,704,484 BTC, as per CoinGecko.

Major Funds

Grayscale’s GBTC remains the largest fund, holding 289,040 BTC worth around $19.9 billion. However, BlackRock’s iShares Bitcoin Trust (IBIT) is closing in with 287,168 BTC valued at about $19.8 billion and may surpass GBTC soon if current trends continue. Since converting GBTC into a spot ETF in mid-January, Grayscale has lost around 330,960 BTC, or 53% of its previous holdings.

Market Impact

In a May 28 post, HODL15Capital raised questions about whether the rise of ETFs is affecting the growth of Bitcoin held in self-custody. Data suggests no growth in self-custody from 2023 to 2024, similar to the period between 2017 and 2018. Currently, only 1 million addresses hold 1 BTC or more, according to LookIntoBitcoin.

Related News

Meanwhile, significant Bitcoin movements have been observed, such as those from Mt. Gox-labeled wallets, which are moving billions in BTC amid ongoing repayment processes.

Conclusion

The increasing holdings in Bitcoin ETPs highlight their growing popularity among investors, potentially influencing broader market trends and self-custody behaviors.

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