Spot Bitcoin ETFs have reached a significant milestone by accumulating a total of 900,000 BTC since their launch. This achievement comes at a time when there is a substantial wave of BTC accumulation in July, indicating a positive trend in the market.
The United States BTC ETF holdings have surpassed 900,000 BTC, valued at over $60 billion. Nate Geraci, President of the ETF Store, shared that this milestone represents about 4.3% of BTC’s total supply in the market. Additionally, the US Spot Bitcoin ETFs account for 82% of the nearly 1.1 million BTC held by global BTC ETFs.
According to data from Farside Investors, a London-based investment management company, Spot Bitcoin ETFs have experienced a significant increase in inflows, reflecting a surge in demand for the digital asset. In less than two weeks, these ETFs saw approximately $2.38 billion in net inflows, bringing their total net inflows to $17 billion since their launch in January 2024.
Spot Bitcoin ETFs have seen 11 consecutive days of inflows, with the highest recorded inflow of $383.6 million on July 19. BlackRock’s iShares Bitcoin Trust (IBIT) led with an inflow of $116.2 million during this period. Over the past two weeks, BlackRock has attracted the highest amount of inflows, followed by Fidelity Wise Origin Bitcoin Fund (FBTC).
BlackRock’s IBIT now manages approximately 325,449 BTC, valued at about $21 billion, contributing significantly to the 900,000 BTC milestone achieved by the US Spot Bitcoin ETFs. BlackRock’s rapid success in managing a multi-billion dollar BTC holding highlights the growing interest in Bitcoin ETFs.
In July, BTC accumulation has seen a notable increase, likely driven by the shift in BTC’s bearish trend and increased demand from investors. Reports from crypto analysts and Glassnode indicate a surge in BTC accumulation into Spot Bitcoin ETFs, while the availability of BTC on exchanges continues to decrease.
Glassnode’s data shows a significant increase in the BTC accumulation trend, with the number of BTC whales holding at least 1,000 BTC rising in July. This trend reflects the growing demand for BTC in the market.
Overall, the milestones achieved by Spot Bitcoin ETFs and the growing BTC accumulation in July indicate a positive reversal in the market sentiment. Investors are showing increased interest in BTC, leading to significant inflows into Bitcoin ETFs and a surge in BTC holdings. As the market continues to evolve, these developments suggest a bullish outlook for Bitcoin and the broader cryptocurrency market.
