As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I must admit that watching the meteoric rise of spot Bitcoin ETFs has been nothing short of exhilarating. The recent milestone of total holdings surpassing 1 million BTC is a testament to the growing mainstream acceptance and institutional interest in Bitcoin.
The combined amount of Bitcoins held in U.S.-approved spot Bitcoin exchange-traded funds (ETFs) this year has exceeded 1 million Bitcoins, resulting in a total market capitalization for the Bitcoin held by these funds that now stands at an impressive $72.5 billion.
Based on information from CoinGlass, these funds reached a significant milestone following yesterday’s inflow of approximately $896 million, up from around $827 million the day before. BlackRock’s iShares Bitcoin Trust (IBIT) accounted for most of this increase, now holding about 429,190 BTC.
As a crypto investor, I find myself ranking among the top three in terms of total Bitcoin holdings. Following closely behind me is Grayscale’s GBTC, which has experienced substantial Bitcoin outflows since transforming into a spot Bitcoin ETF. In third position is Fidelity’s Wise Origin Bitcoin Fund (FBTC), holding 178,330 BTC.
IMG
This year, Bitcoin ETFs have attracted a grand total of over $23 billion in investments as reported by CryptoGlobe, with the price of Bitcoin, our leading cryptocurrency, increasing by more than 70% since the start of the year and currently trading above $72,000.
Its performance has seen IBIT, the leading spot Bitcoin ETF, trade $3.3 billion in a single day, with the volume striking Bloomberg senior ETF analyst Eric Balchunas as “odd” as it came during a BTC price rise, while typically volumes for ETFs surge during downturns, although “volume can spike if there’s a FOMO-ing frenzy,” referring to investors being affected by fear of missing out (FOMO).
Reaching the 1 million BTC ownership milestone coincides with the crypto community’s commemoration of the Bitcoin white paper anniversary. This groundbreaking document was initially shared by Bitcoin creator Satoshi Nakamoto on the Cryptography Mailing List on October 31, 2008.
Some experts connect the increase in Bitcoin’s price with the strong performance of U.S. Presidential candidate Donald Trump in the election markets, based on his odds. Throughout this election period, Trump has expressed a positive stance towards cryptocurrencies, even going so far as to remark that nothing like Bitcoin has ever existed before.
Read More
- SOL PREDICTION. SOL cryptocurrency
- SUI PREDICTION. SUI cryptocurrency
- Chainsaw Man Chapter 183: Flashback To See Aki And Power Return; Release Date, Where To Read, Expected Plot And More
- USD MYR PREDICTION
- DOT PREDICTION. DOT cryptocurrency
- SKL PREDICTION. SKL cryptocurrency
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- CHR PREDICTION. CHR cryptocurrency
- RXD/USD
- BAN PREDICTION. BAN cryptocurrency
2024-10-31 16:24