22 December 2024

Spot Bitcoin ETFs Reach Over 1 Million BTC Holdings on Bitcoin White Paper Anniversary

Spot Bitcoin ETFs in the U.S. have surpassed 1 million BTC holdings, marking a total market capitalization over $72.5 billion, coinciding with the Bitcoin white paper anniversary.

In a significant milestone for the cryptocurrency market, the total holdings of spot Bitcoin exchange-traded funds (ETFs) approved in the United States have exceeded 1 million BTC. This achievement translates to a remarkable market capitalization of over $72.5 billion for the Bitcoin held by these funds.

Recent data from CoinGlass reveals that these funds experienced an influx of $896 million in just one day, marking an increase from $827 million the day before. Leading the charge is BlackRock’s iShares Bitcoin Trust (IBIT), which now holds an impressive 429,190 BTC.

Following IBIT in total BTC holdings is Grayscale’s GBTC, which has faced notable Bitcoin outflows since its transition to a spot Bitcoin ETF. Fidelity’s Wise Origin Bitcoin Fund (FBTC) ranks third, currently holding 178,330 BTC.

As reported by CryptoGlobe, spot Bitcoin ETFs have accumulated over $23 billion in total inflows this year. This surge in investment coincides with Bitcoin’s price rising more than 70% year-to-date, with the cryptocurrency now trading above the $72,000 mark.

The performance of IBIT has been particularly striking, with the ETF trading $3.3 billion in a single day. Bloomberg senior ETF analyst Eric Balchunas noted this volume spike as unusual, especially since it occurred during a price rise, as ETF volumes typically increase during market downturns. He suggested that such spikes might be driven by a fear of missing out (FOMO) among investors.

This milestone of 1 million BTC holdings coincides with the cryptocurrency community's celebration of the anniversary of the Bitcoin white paper, originally sent by Bitcoin creator Satoshi Nakamoto to the Cryptography Mailing List on October 31, 2008.

Some analysts have linked Bitcoin’s recent price increases to the political landscape, particularly with U.S. Presidential candidate Donald Trump gaining traction in election markets. Trump has adopted a pro-crypto stance during this election cycle, claiming that there has never been anything like Bitcoin before.