New reports have revealed that Spot Bitcoin ETF issuers now hold nearly 5% of the total BTC supply. This important milestone highlights the growing demand and rapid expansion of Spot BTC ETFs in the market, providing institutional investors with a relatively low-risk way to acquire BTC. THE increase in demand could also catalyze a potential increase in BTC.
Bitcoin ETFs control 5% of BTC supply
Spot Bitcoin ETFs now hold almost 5% of BTC total supply of 21 million pieces. Data From the blockchain analytics platform, Dune revealed that the total on-chain holdings for Spot BTC ETFs in the United States are approximately 842,000 BTC, valued at approximately $57.2 billion.
Precisely, US Bitcoin ETFs hold 4.27% of the current BTC supply, while global BTC ETF issuers hold approximately 1,002,343 BTC according to the data. sharing in a screenshot on X (formerly Twitter) by MicroStrategy co-founder and former chief executive officer (CEO), Michael Saylor.
Saylor revealed that 32 Spot Bitcoin ETFs now cumulatively hold “one Nakamoto of BTC,” implying that these ETF issuers hold approximately one million BTC. In particular, the global ETF holdings are currently five times the size of Saylor’s BTC assets of 214,400 BTC, valued at $15 billion.
The majority of Spot BTC ETFs held in the United States are provided by major asset management companies such as black rockGrayscale, Fidelity Investments and more.
Reports From the blockchain analysis platform, Arkham Investments shows that Grayscale and BlackRock are one of the largest ETF holders in the world. Grayscale Bitcoin Trust (GBTC) holds approximately 288,084 BTC while BlackRock iShares Bitcoin Trust (IBIT) owns 284,027 BTC.
Other Spotting Bitcoin ETF Issuers which hold BTC include Fidelity Wise Origin Bitcoin BTC (FBTC) with 154,370 BTC, Active Bitcoin Futures Strategy ETF (ARKA) with 48,444 BTC, and Bitwise Bitcoin ETF (BITB) with 36,092 BTC.
Potential price increase ahead for BTC?
Following the Approval of Spot BTC ETFs on January 10, BTC saw an exponential price increase, reaching a new all-time high above $73,000 in March. As the demand for Spot Bitcoin ETF has increasedBTC has also seen growing adoption.
Now, with Spot BTC ETFs holding around 5% of the total BTC supply, this could signal a bullish rally for BTC, potentially triggering a price rally to new highs. At the time of writing, The price of BTC is trading below the $70,000 mark at $68,192, according to CoinMarketCap.
With the growing demand for Spot BTC ETFs and constant inflows, the BTC price may soon see a rebound. Crypto analyst Ali Martinez also maintained an optimistic outlook on BTC, predicting a potential rebound soon. He revealed in an article that BTC’s TD Sequential is currently showing a buy signal on its hourly chart.
Featured image created with Dall.E, chart from Tradingview.com
