The US Bitcoin (BTC) spot Exchange-Traded Funds (ETFs) now hold more than 1 million (!) Bitcoins. This historic milestone has been coming for a while, but thanks to the monstrous inflows of recent times, it has been completed faster than expected.

5% of all circulating Bitcoins

It has been expected for some time that the Bitcoin ETFs would pass the 1 million Bitcoins under management mark this year. But thanks to an impressive final sprint, the milestone was achieved much earlier than expected.

Since October 11, only one trading day has ended with a loss – that was October 22 when it posted an outflow of $79.1 million. Otherwise, hundreds of millions of dollars of capital have flowed into the funds every day.

In the trading week of October 14 to 18, the fund managers bought 31,438 Bitcoins and last week 15,194 Bitcoins were taken from the market. With that, the countdown to the magical possession of 1 million Bitcoins could begin.

The ETFs still needed about 23,000 units at the start of the current week. On Monday, more than 6,600 Bitcoins were purchased thanks to an inflow of almost $479.4 million, but on Tuesday and Wednesday, holdings were increased by more than 12,000 Bitcoins on both days. On Tuesday, $870.1 million was raised and yesterday’s inflow was $893.3 million.

With 1,007,739 Bitcoins held, the ETFs now control over 5% of the circulating BTC supply. A total of almost 19.78 million Bitcoins are currently in circulation.

BlackRock is comfortably in the lead

At 429,185 Bitcoins, BlackRock’s IBIT fund is by far the largest Bitcoin ETF on the market. Grayscale’s GBTC fund, which has already lost more than $20 billion since converting from a regular trust fund to a spot ETF in January, is in second place with 220,299 Bitcoins. Fidelit’s FBTC fund completes the top three with 188,588 Bitcoins.

BlackRock has significantly strengthened its lead over the competition in recent weeks. Just about every day, the Wall Street giant stands head and shoulders above the rest. In fact, yesterday was the best trading day since launch for BlackRock, with a staggering $872 million inflows.

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Source: https://newsbit.nl/historische-mijlpaal-bitcoin-etfs-bezitten-nu-1-miljoen-btc/



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