Bitrabo Editorial
Recent reports indicate that Spot Bitcoin ETF issuers now possess nearly 5% of the entire BTC supply. This milestone signifies the increasing demand and rapid growth of Spot BTC ETFs in the market, providing institutional investors with a relatively low-risk method to acquire BTC. The heightened demand may also spark a potential surge in BTC prices.
Bitcoin ETFs Ownership of BTC Supply
Currently, Spot Bitcoin ETFs hold close to 5% of the total BTC supply of 21 million coins. Data from blockchain analytics platform Dune reveals that Spot BTC ETFs in the United States collectively own about 842,000 BTC, valued at around $57.2 billion.
Specifically, US-based Bitcoin ETFs control 4.27% of the current BTC supply, while global ETF issuers possess approximately 1,002,343 BTC, as per data shared by Michael Saylor, the co-founder and former CEO of MicroStrategy.
Saylor disclosed that 32 Spot Bitcoin ETFs combined hold around “one Nakamoto of BTC,” indicating that these ETF issuers possess roughly one million BTC. Notably, the global ETF holdings surpass Saylor’s personal BTC assets, which amount to 214,400 BTC valued at $15 billion.
Prominent asset management firms like BlackRock, Grayscale, Fidelity Investments, among others, are major providers of Spot BTC ETFs in the US.
Data from Arkham Investments reveals that Grayscale and BlackRock are among the largest ETF holders globally, with GBTC holding approximately 288,084 BTC and IBIT owning 284,027 BTC.
Other Spot Bitcoin ETF issuers holding BTC include FBTC with 154,370 BTC, ARKA with 48,444 BTC, and BITB with 36,092 BTC.
Potential Price Surge Anticipated for BTC
Since the approval of Spot BTC ETFs on January 10, BTC has witnessed a significant price surge, reaching a new all-time high above $73,000 in March. The growing demand for Spot Bitcoin ETFs has correlated with increased BTC adoption.
Now, with Spot BTC ETFs possessing around 5% of the total BTC supply, this could potentially trigger a bullish rally for BTC, leading to price hikes and new highs. At present, BTC is trading just below $70,000 at $68,192, as per CoinMarketCap.
With the rising demand for Spot BTC ETFs and steady inflows, there is a possibility of BTC prices rebounding soon. Crypto analyst Ali Martinez has expressed optimism regarding BTC, forecasting a potential rebound. He noted that BTC’s TD Sequential currently shows a buy signal on its hourly chart.