Reserve

DEFI

Bitcoin ETF

Bitcoin

Spot

<img decoding="async" width="1200" height="800" src="https://coingape.com/wp-content/uploads/2023/12/Bitcoin-ETF-2-scaled-1-e1702535490232.jpg" class="attachment-full size-full wp-post-image" alt="Global Bitcoin ETF Close To Stacking 1M BTC, Bullish For BTC Price?" style="float:right; margin:0 0 10px 10px;">
In a remarkable milestone for the crypto market, global Bitcoin ETFs are on the brink of amassing a colossal reserve of one million BTC. With the recent surge in U.S. Spot Bitcoin ETFs, worldwide ETF reserves have intensified. Moreover, massive institutional adoption of these <a href="https://coingape.com/bitcoin-falls-as-goldman-sachs-ceo-says-no-rate-cuts-by-us-fed-in-2024/" target="_blank" rel="noopener">Bitcoin</a> investment products have led to the event influx. 
<h2 id="global-bitcoin-etf-reserve-nears-1m-btc">Global Bitcoin ETF Reserve Nears 1M BTC</h2> 
As of the latest reports, U.S. Bitcoin ETFs have accumulated 850,707 BTC since their inception in January this year. This substantial accumulation is led by Grayscale’s GBTC ETF, which, despite a significant reduction from its initial reserve, still holds the largest share at 289,280 BTC. 
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) has shown remarkable growth, expanding its reserve from a mere 225 BTC at launch to an impressive 283,203 BTC. Other significant contributors in the U.S. market include Fidelity’s Wise Bitcoin ETF with 160,620 BTC and the Ark 21Shares ETF (ARKB) with 48,414 BTC. Furthermore, smaller players like the Bitwise BTC ETF (BITB), VanEck Bitcoin Trust (HODL), and Valkyrie BTC ETF (BRRR) have also made notable contributions. BITB, HODL, and BRRR hold reserves of 36,092 BTC, 9,729 BTC, and 8,561 BTC, respectively. 
In addition, Invesco Galaxy’s BTCO ETF, Franklin Templeton’s EZBC, and WisdomTree and Hashdex Bitcoin ETFs add to the mix with smaller, yet significant, reserves. The BTCO, EZBC, BTCW, and DEFI reserves include 7,245 BTC, 6,148 BTC, 1,237 BTC, and 178 BTC, respectively. 
On the global stage, Bitcoin ETPs have collectively garnered 986,769 BTC. Outside the US, Canada’s Purpose Bitcoin ETF leads the pack, holding 27,407 BTC. Furthermore, Germany’s ETC Group Physical Bitcoin Fund follows closely with 20,808 BTC. Meanwhile, the recently launched <a href="https://coingape.com/ethereum-etfs-in-hong-kong-record-low-trade-volume-amid-ethereum-rally/" target="_blank" rel="noopener">Hong Kong</a> Bitcoin ETFs have amassed a reserve of 3,608 BTC. 
Also Read:&nbsp;<a href="https://coingape.com/blackrock-to-overtake-grayscale-amid-eight-days-of-bitcoin-etf-inflows/" target="_blank" rel="noopener">BlackRock Ready to Overtake Grayscale Amid Eight Days of Bitcoin ETF Inflows</a> 
<h2 id="will-btc-price-rally">Will BTC Price Rally?</h2> 
This robust institutional interest is a bullish signal for the Bitcoin price trajectory. Moreover, if one million Bitcoin is locked within ETFs, a supply shock could ensue and propel the BTC price higher. Crypto analyst Michaël van de Poppe echoes this sentiment. 
Although he predicts a potential retest at the $68,000 mark, he also envisions a continued upward movement thereafter. In a post on X, he wrote, “#Bitcoin slowly consolidating. Expecting a retest at the $68K mark, before a continuation upwards. The trend is clearly upwards.” 
However, currently, BTC is experiencing a sideways action as the focus shifted to Ethereum (ETH) amid the May 23 ETF decision deadline. At the time of writing, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> was down by 0.06% to $69,937.04 on Thursday, May 23 with a market cap of $1.37 trillion. 
Meanwhile, massive long liquidations were noted for BTC with $14.46 million liquidated in the past 24 hours. This sell pressure could push the Bitcoin price lower in the short-term. Conversely, the Bitcoin futures open interest gained 0.68% to $35.26 billion, according to Coinglass. 
Whilst, the Bitcoin Relative Strength Index (RSI) value has surged from 48 to 61 lately. It suggests that a sell signal could soon ensue owing to an overbought condition. Hence, entering the market at this stage could be risky. 
Also Read:&nbsp;<a href="https://coingape.com/calls-for-spot-solana-etf-grow-after-ethereum-developments-bitcoin-maxis-oppose/" target="_blank" rel="noopener">Calls for Spot Solana ETF Grow After Ethereum Developments, Bitcoin Maxis Oppose</a> 
The post <a href="https://coingape.com/global-bitcoin-etf-close-to-stacking-1m-btc-bullish-for-btc-price/">Global Bitcoin ETF Close To Stacking 1M BTC, Bullish For BTC Price?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Global Bitcoin ETF Close To Stacking 1M BTC, Bullish For BTC Price?

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