Spot Bitcoin ETFs have reached yet another milestone, with a total of 900,000 BTC since launch. This historic milestone comes amid the substantial wave of BTC accumulation in July.
Spot Bitcoin ETF Holdings Surpass 900,000 BTC
Spot Bitcoin ETFs have delivered an unprecedented performance as the BTC ETF Holdings in the United States has now surpassed the staggering 900,000 BTC mark, worth over $60 billion. Nate Geraci, President of the ETF Store, revealed in a recent X (formerly Twitter) after that the recent 900,000 BTC milestone of the US Spot Bitcoin ETFs represents about 4.3% of the total 21 million BTC supply on the market. Moreover, this massive BTC holding accounts for 82% of the nearly 1.1 million BTC held by global BTC ETFs.
According to the market facts from Farside Investors, a London-based asset management firm, have launched Spot Bitcoin ETFs a large increase in inflow seenindicating rising demand for the digital asset. In less than two weeks, Spot Bitcoin ETFs saw approximately $2.38 billion in net inflows. This substantial increase has effectively brought the total net inflows to $17 billion since its launch on January 11, 2024.
Data from Farside Investors also showed that Spot Bitcoin ETFs have seen 11 consecutive days of inflows. highest inflow recorded within this time frame, the amount was approximately $383.6 million on July 19. At the time, BlackRock’s iShares Bitcoin Trust (IBIT) led with an impressive $116.2 million inflow. Over the past two weeks, BlackRock has also attracted the highest amount of inflows, followed by Fidelity Wise Origin Bitcoin Fund (FBTC).
As a major contributor to the 900,000 BTC milestone reached by US Spot Bitcoin ETFs, Assets under management (AuM) from BlackRock’s IBIT now manages approximately 325,449 BTC, worth approximately $21 billion. This significant BTC holdings highlights BlackRock’s rapid success, with its Spot BTC ETF reaching a multi-billion dollar valuation in less than six months.
BTC Accumulation Grows in July
Amid the 900,000 surge in US Spot Bitcoin ETF holdings, BTC has made a significant peak in accumulationThis growth is likely caused by the recent shift in BTC’s bearish trendwhich could potentially lead to an increase in investor demand for the cryptocurrency. According to reports from a crypto analyst identified as ‘Crypto Capex’, on X, BTC Accumulation in Spot Bitcoin ETFs increased significantly in July, while BTC availability on exchanges continues to decline.
Glassnode also has announced a remarkable rise in BTC accumulation trendwhich rose from 0.05 on June 1 to 0.44 on July 10. Based on the data, the number BTC Whales Holding at least 1,000 BTC rose from 1,640 on July 1 to 1,643 on July 10. This move highlights the growing demand for BTC in July.
Main image created with Dall.E, chart from Tradingview.com