Bitcoin ETFs Exceed 1 Million BTC Holdings, Surpassing $72.5 Billion Market Cap

Bitcoin exchange-traded funds (ETFs) in the United States have now collectively surpassed 1 million BTC in holdings, translating to a market capitalization exceeding $72.5 billion.

This significant milestone follows a surge in inflows totaling $896 million over just one day, according to CoinGlass, up from $827 million the previous day. Notably, BlackRock’s iShares Bitcoin Trust (IBIT) has received the majority of these inflows, amassing 429,190 BTC.

In the ranking of total BTC holdings, Grayscale’s GBTC follows IBIT, though it has experienced substantial outflows since its conversion to a spot Bitcoin ETF. Fidelity’s Wise Origin Bitcoin Fund (FBTC) comes in third with 178,330 BTC.

As reported by CryptoGlobe, the spot Bitcoin ETFs have attracted over $23 billion in inflows this year alone. Bitcoin’s price has surged more than 70% year-to-date, recently trading above $72,000.

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During this period, IBIT recorded a trading volume of $3.3 billion in a single day, which Bloomberg senior ETF analyst Eric Balchunas noted was unusual for a price increase, as ETF volumes typically rise during market declines. He suggested that “volume can spike if there’s a FOMO-ing frenzy,” referring to investors rushing in due to fear of missing out.

This milestone coincides with the cryptocurrency community commemorating the anniversary of the Bitcoin white paper, initially shared by Satoshi Nakamoto on October 31, 2008. Additionally, some analysts point to U.S. Presidential candidate Donald Trump’s favorable stance on cryptocurrency as a contributing factor to Bitcoin’s recent price gains, with Trump claiming there has never been anything like Bitcoin.

Kosta Gushterov