Global Bitcoin Holdings in Exchange-Traded Products Exceed 1 Million
Summary:
Global Bitcoin (BTC) holdings in exchange-traded products (ETPs) have surpassed 1 million, largely driven by the launch of spot Bitcoin ETFs in the U.S. in mid-January. The assets' worth is estimated around $68 billion, or 5.08% of the total coins available. Despite Grayscale's GBTC being the largest holder, BlackRock's iShares Bitcoin Trust (IBIT) is quickly catching up due to continuous inflows and GBTC’s outflows.
Globally, the number of Bitcoin (BTC) held in exchange-traded products (ETPs) - investment tools that follow the price or give exposure to BTC - has crossed the 1 million mark. Since the U.S. introduced spot Bitcoin ETFs in mid-January, they have drawn in 855,619 Bitcoin, amassing an average of 6,200 BTC per day. Information provided by HODL15Capital reveals that adding another 21 Bitcoin ETPs available in countries like Canada, Germany, Brazil, and others, brings the total BTC held to 1,002,343 BTC, which is currently valued around $68 billion. This amounts to about 5.08% of the total existing number of coins, with the current supply being 19,704,484, as reported by CoinGecko. Grayscale’s GBTC is still the preeminent fund that owns the asset, including 289,040 coins valued at approximately $19.9 billion. However, BlackRock's iShares Bitcoin Trust (IBIT) with 287,168 BTC amounting to $19.8 billion is quickly closing the gap, and could overtake it this week if the current flow maintains and GBTC’s outflow continues. Ever since GBTC converted into a spot ETF in mid-January, Grayscale has lost around 330,960 BTC, which is roughly 53% of its preceding holdings. In another report, HODL15Capital speculated whether these ETFs are causing a slowdown in the growth of self-custody Bitcoin. A graph showing the amount of BTC held in various addresses reveals no growth in self-custody from 2023 to 2024. Interestingly, there was also a stagnation period between 2017 and 2018. As per LookIntoBitcoin, only 1 million addresses hold 1 BTC or more.
Published At
5/28/2024 8:54:26 AM
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