United

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin exchange-traded products globally hold over 1 million Bitcoin.</li>
 <li>Grayscale’s GBTC and BlackRock’s iShares Bitcoin Trust are the largest funds holding Bitcoin.</li>
</ul>
<p>Bitcoin (BTC) exchange-traded products, which track the cryptocurrency’s price or provide exposure to it, now hold over 1 million Bitcoin worldwide.</p>
<p>These investment vehicles have seen a significant increase since the launch of spot Bitcoin ETFs in the United States in mid-January.</p>
<h2 id="growth-of-bitcoin-etfs">Growth of Bitcoin ETFs</h2>
<p>The 11 ETFs launched since then have accumulated 855,619 Bitcoin, averaging about 6,200 BTC per day.</p>
<p>Additional data from HODL15Capital reveals that 21 other Bitcoin exchange-traded products offered in countries such as Canada, Germany, and Brazil bring the total number of Bitcoin holdings to 1,002,343 BTC.</p>
<p>This amount, estimated to be worth $68 billion, represents 5.08% of the current circulating supply of coins, which is 19,704,484 according to CoinGecko.</p>
<h2 id="leading-funds-holding-bitcoin">Leading Funds Holding Bitcoin</h2>
<p>Grayscale’s GBTC remains the largest fund holding the asset, with 289,040 coins worth around $19.9 billion.</p>
<p>However, BlackRock’s iShares Bitcoin Trust (IBIT) is quickly catching up, holding 287,168 BTC worth approximately $19.8 billion.</p>
<p>If inflows remain steady and GBTC continues to outflow, IBIT may surpass GBTC this week.</p>
<p>Since GBTC was converted into a spot ETF in mid-January, Grayscale has lost around 330,960 BTC, or 53% of its previous holdings.</p>
<p>A post by HODL15Capital on May 28 raised questions about whether the ETFs were slowing the growth of Bitcoin held in self-custody.</p>
<p>A chart showing the amount of BTC held in various addresses by amount indicates no growth in self-custody from 2023 to 2024.</p>
<p>However, there was also no growth between 2017 and 2018, according to the chart.</p>
<p>Just 1 million addresses hold 1 BTC or more, according to LookIntoBitcoin.</p>

Over 1 Million BTC Now Held in Bitcoin Exchange-Traded Products: A Milestone Moment

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