Bitcoin exchange-traded products (ETPs) have reached a significant milestone, with over 1 million BTC held globally. Since the launch of spot Bitcoin ETFs in the US in January, these investment vehicles have accumulated 855,619 BTC, averaging around 6,200 BTC per day. In addition to the 11 ETFs available in the US, there are also 21 ETPs offered in other countries like Canada, Germany, and Brazil, bringing the total Bitcoin holdings to 1,002,343 BTC, valued at approximately $68 billion. This represents 5.08% of the total circulating supply of coins. Grayscale’s GBTC remains the largest fund, holding 289,040 BTC worth about $19.9 billion, but BlackRock’s iShares Bitcoin Trust (IBIT) is quickly catching up with 287,168 BTC valued at around $19.8 billion. It is anticipated that IBIT may surpass GBTC this week if inflows continue and GBTC continues to outflow. Grayscale has witnessed a significant outflow of 330,960 BTC since the conversion of GBTC into a spot ETF. There are concerns that the growth of Bitcoin held in self-custody may be slowing down due to the popularity of ETFs. However, data shows that there has been no growth in self-custody from 2023 to 2024, similar to the lack of growth observed between 2017 and 2018. It is worth noting that only 1 million addresses hold 1 BTC or more. The SEC is facing a challenging legal battle against the crypto industry, as highlighted by the recent Godzilla vs. Kong analogy.
Over 1 million BTC held by Bitcoin exchange-traded products at present