May 28, 2024 at 10:50Bitcoin exchange-traded products (ETPs), which track the price of Bitcoin or offer investment exposure to BTC, have now collectively surpassed the milestone of holding over 1 million Bitcoins globally.
Since the launch of the first spot Bitcoin ETFs in the United States in mid-January, these 11 ETFs have accumulated 855,619 Bitcoins, adding an average of 6,200 BTC per day.
Data from HODL15Capital reveals that an additional 21 Bitcoin exchange-traded products across Canada, Germany, Brazil, and other nations have contributed to a combined total of 1,002,343 BTC, valued at approximately $68 billion.
This figure represents 5.08% of the total circulating Bitcoin supply, which stands at 19,704,484 BTC as reported by CoinGecko.
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Currently, Grayscale’s GBTC remains the largest single fund holding Bitcoin, with 289,040 coins valued around $19.9 billion. However, it faces stiff competition from BlackRock’s iShares Bitcoin Trust (IBIT), which holds 287,168 BTC valued at about $19.8 billion. IBIT may soon eclipse GBTC in holdings if the current trends of inflows into IBIT and outflows from GBTC continue.
Since its transformation into a spot ETF in mid-January, Grayscale has seen a significant reduction in holdings, losing about 330,960 BTC, or 53% of its former assets.
On May 28, HODL15Capital raised a question on X regarding whether the proliferation of ETFs is affecting the growth of Bitcoin held in self-custody. The analysis provided shows no increase in self-custodied Bitcoin from 2023 to 2024, mirroring a similar stagnation observed from 2017 to 2018.
According to LookIntoBitcoin, currently, only 1 million addresses possess 1 BTC or more, indicating a concentrated distribution of Bitcoin holdings.
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