Tomiwabold Olajide
Bitcoin ETFs have accumulated more than 1 million BTC, marking huge achievement on cryptocurrency market
Michael Saylor, Chairman of MicroStrategy and a prominent Bitcoin advocate, has brought attention to a remarkable milestone achieved by Bitcoin exchange-traded funds (ETFs). According to Saylor, 34 Spot Bitcoin ETFs now hold over one million BTC, which is 1,031,973 BTC.
Bitcoin ETFs have accumulated more than one million BTC, marking a huge achievement on the cryptocurrency market. ETFs are investment funds traded on stock exchanges, and they offer a way for investors to gain exposure to Bitcoin without directly holding the cryptocurrency. This milestone indicates that institutional and retail investors alike are increasingly turning to Bitcoin ETFs.
Bitcoin funds of the likes of BlackRock and Fidelity Investments are among some of the most successful debuts in the ETF sector’s history. They took Wall Street by storm, shifting the center of gravity of cryptocurrency away from Asia and toward the United States.
BlackRock’s more than $21.4 billion iShares Bitcoin Trust recently became the world’s largest fund for Bitcoin, surpassing Grayscale’s $20.1 billion Bitcoin trust. The $12.3 billion Fidelity Wise Origin Bitcoin Fund is in third place.
Saylor’s own company, MicroStrategy, has made headlines for its aggressive accumulation of Bitcoin, owning 214,400 Bitcoins as of May 1, 2024.
In the past week, U.S. exchange-traded funds that invest directly in Bitcoin marked net inflows for the 19th consecutive day, a surge of demand that has helped propel the largest digital currency to a new high. On June 7, the 11 Bitcoin ETFs garnered $131 million in inflows.
Bitcoin lost ground after a report showed that U.S. job growth increased in May, while the unemployment rate unexpectedly jumped, providing a mixed picture of the labor market. Bitcoin was barely altered at the time of writing, having increased by 0.04% in the previous 24 hours to $69,315.
Read More: Michael Saylor Reveals Bitcoin ETFs Holding 1 Million BTC