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Bitcoin

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) exchange-traded products — investment vehicles that track the price or provide exposure to BTC — have surpassed 1 million in Bitcoin holdings globally.
Since spot Bitcoin ETFs first launched in the United States in mid-January, the 11 ETFs have sucked up 855,619 Bitcoin, accumulating an average of 6,200 BTC per day. 
According to data shared by HODL15Capital, another 21 Bitcoin exchange-traded products — offered in Canada, Germany, Brazil and other countries — pushes the total number of Bitcoin held to&nbsp;1,002,343 BTC, worth an estimated $68 billion.
This equates to 5.08% of the current circulating supply of coins, which is 19,704,484, according to CoinGecko.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/28c0acc7-d67a-4d15-ad85-d8d4392d7900.jpg">
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 Source: HODL15Capital
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Grayscale’s GBTC was still the largest fund holding the asset, with 289,040 coins worth around $19.9 billion at the time.
However, it is rapidly being caught up by BlackRock’s iShares Bitcoin Trust (IBIT), which has 287,168 BTC worth around $19.8 billion and <a href="https://cointelegraph.com/news/blackrock-etf-close-overtake-grayscale">may surpass</a> it this week if inflows remain steady and GBTC continues to outflow. 
Grayscale has hemorrhaged around 330,960 BTC, or 53% of its previous holdings, since GBTC was converted into a spot ETF in mid-January.
Related: <a href="https://cointelegraph.com/news/mt-gox-labeled-bitcoin-wallet-moves-millions-new-address">Mt. Gox-labeled wallets move billions in Bitcoin amid hopes of payback</a>
In a separate post on X on May 28, HODL15Capital <a href="https://twitter.com/HODL15Capital/status/1795255075054776653" target="_blank" rel="noopener nofollow">questioned</a> whether the ETFs were slowing the growth of Bitcoin held in <a href="https://cointelegraph.com/explained/various-forms-of-bitcoin-custody-explained">self-custody</a>.
A chart displaying how much BTC is held in various addresses by amount shows that there has been no growth in self-custody from 2023 to 2024. 
However, there was also no growth between 2017 and 2018, according to the chart. 
Just 1 million addresses hold 1 BTC or more, according to LookIntoBitcoin. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/e65e3f14-55bc-40c3-ac12-c82540fd1225.jpg">
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 Source: <a href="https://twitter.com/HODL15Capital/status/1795255075054776653" target="_blank" rel="noopener nofollow">HODL Capital</a>
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Magazine: <a href="https://cointelegraph.com/magazine/godzilla-vs-kong-can-sec-prevail-against-crypto-legal-firepower/">Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower</a>

Bitcoin exchange-traded products now hold over 1 million BTC

Cointelegraph

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