ETFs
Michael Saylor Reveals Bitcoin ETFs Hold 1 Million BTC
Tomiwabold Olajide
Bitcoin ETFs have accumulated over 1 million BTC, marking a huge achievement in the cryptocurrency market.
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Michael Saylor, Chairman of MicroStrategy and prominent Bitcoin advocate, has drawn attention to a remarkable milestone achieved by Bitcoin exchange-traded funds (ETFs). According to Saylor34 Spot Bitcoin ETFs now hold over 1 million BTC, or 1,031,973 BTC.
Bitcoin ETFs have accumulated over 1 million BTC, which is a huge achievement in the cryptocurrency market. ETFs are investment funds that trade on an exchange and offer investors a way to gain exposure to Bitcoin without directly owning the cryptocurrency. This milestone indicates that institutional and retail investors are increasingly turning to Bitcoin ETFs.
Bitcoin funds like BlackRock and Fidelity Investments are among the most successful debuts in the history of the ETF industry. They took Wall Street by storm, moving the center of gravity of cryptocurrency from Asia to the United States.
BlackRock’s iShares Bitcoin Trust, worth more than $21.4 billion, recently became the world’s largest fund for Bitcoin, surpassing Grayscale’s $20.1 billion Bitcoin trust. In third place is the Fidelity Wise Origin Bitcoin Fund, worth $12.3 billion.
Saylor’s own company, MicroStrategy, has made headlines for its aggressive Bitcoin accumulation, owning 214,400 Bitcoins as of May 1, 2024.
Over the past week, U.S. exchange-traded funds that invest directly in Bitcoin saw net inflows for the 19th consecutive day, a surge in demand that helped propel the largest digital currency to a new high. On June 7, the 11 Bitcoin ETFs generated $131 million in inflows.
Bitcoin lost ground after a report showed that U.S. job growth rose in May, while the unemployment rate rose unexpectedly, giving a mixed picture of the labor market. Bitcoin was barely changed at the time of writing, having risen 0.04% over the previous 24 hours to $69,315.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.