Bitcoin ETF

Bitcoin

Spot

The spot Bitcoin ETF market is seeing impressive traction with the total value locked has now surpassed 216,309 BTC from 9 active issuers. 
<h2 id="strong-spot-bitcoin-etf-milestones-strong">Spot Bitcoin ETF Milestones</h2> 
Since the spot BTC ETF products have been greenlighted by the United States Securities and Exchange Commission (SEC), there has been a <a href="https://coingape.com/breaking-spot-bitcoin-etfs-saw-largest-single-day-inflow-btc-rally-to-60k/">consistent inflow</a> into the market as institutional investors turned up to embrace the asset class. 
According to market analyst Lark Davies, the 216,309 BTC held by 9 spot Bitcoin ETF issuers besides Grayscale now represents 1% of the maximum final BTC supply.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 All 9 BTC ETFs (excluding GBTC) now hold a total of 216,309 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>. 
 That's over 1% of the maximum final BTC supply. 
 This takes these ETF holdings over MicroStrategy's, which is in possession of 190K BTC. 
 A massive supply shock is coming! <a href="https://t.co/Sg3eQLZmHx">pic.twitter.com/Sg3eQLZmHx</a> 
 — Lark Davis (@TheCryptoLark) <a href="https://twitter.com/TheCryptoLark/status/1757759118511591795?ref_src=twsrc%5Etfw">February 14, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
An intriguing data insight shows that the spot BTC ETF holdings have now collectively surpassed the more than 190,000 BTC <a href="https://coingape.com/microstrategys-3-2b-bitcoin-profits-boost-bitcoin-confidence-amid-halving-speculation/">accumulated by MicroStrategy</a> since the business intelligence and software firm started acquiring Bitcoin since August 2020.&nbsp; 
The data presented by Lark Davies shows the highest inflow came in on February 9 with BlackRock’s IBIT and Fidelity Investment’s FBTC taking the lion’s share of the total accumulated Bitcoin. The data also depicts how there has been a steady rise in the respective allocation per Bitcoin under management by each of the spot Bitcoin ETF issuers. 
Though not depicted by the charts, BkackRock’s IBIT now has more than $5 billion in AUM with Fidelity and Ark 21Shares’ ARKK making the top three spot Bitcoin ETFs to <a href="https://coingape.com/spot-bitcoin-etf-ark-invest-joins-the-1b-aum-club/">cross the $1 billion milestone</a>. The traction has further complimented the growth of the entire ETF, underscoring the impact of the marketing war that ensued earlier on when the products were approved. 
<h2 id="strong-impact-on-bitcoin-price-strong">Impact on Bitcoin Price</h2> 
The growth and the sentiment surrounding the spot Bitcoin ETF market are impacting the price of BTC in a positive way. After thrilling the broader industry with a break above $50,300, the first price level in 3 years, the coin has now soared toward the $52,000 price mark. 
At the time of writing, Bitcoin price is changing hands for $51,808.65 as its 24-hour growth has cooled down to 6.18%, sending the market capitalization to $1,017,307,814,467. Bitcoin has retained its luster with many analysts forecasting as high as a $200,000 price mark before the halving event later in the second quarter. 
The Bitcoin resurgence has also <a href="https://coingape.com/markets/binance-coin-price-rally-eyes-400-enter-now/">triggered a similar run</a> in the altcoin world underscoring the universality of the current bull market. 
The post <a href="https://coingape.com/spot-bitcoin-etf-now-hold-1-of-total-supply-as-price-hits-52k/">Spot Bitcoin ETFs Now Hold 1% of Total Supply as Price Hits $52K</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Spot Bitcoin ETFs Now Hold 1% of Total Supply as Price Hits $52K

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