BREAKING BTC Adoption News: Bitcoin ETFs Globally Hold 1,000,000 Bitcoin Worth $68,777,800,000

• Bitcoin ETFs now hold over one million BTC, worth $69 billion and accounting for 5.076% of the top crypto’s circulating supply as the sector’s breakneck growth continues.
• Grayscale is still at the top despite bleeding for months, but BlackRock is quickly catching up and is likely to overtake GBTC this week, with non-US ETFs also playing a significant role in the sector.

Bitcoin ETFs have crossed the one million BTC mark as the unprecedented growth continues months after they were first approved.

Since launching in mid-January, the spot ETFs have been gobbling up over 6,000 BTC daily. For context, only 450 BTC is produced by miners daily since the halving in April slashed the reward from 6.25 BTC to 3.125 BTC.

The ETFs now hold 1,002,343 BTC, worth over $68 billion of the top crypto.

BREAKING: #Bitcoin ETFs globally have reached a historic milestone, holding more than 1,000,000 #BTC worth $68,777,800,000!

The adoption is real and happening right now! pic.twitter.com/H9hbKRIhwm

— Collin Brown (@CollinBrownXRP) May 27, 2024

Grayscale remains the largest ETF despite losing millions almost daily since January. It holds 289,040 BTC, worth just under $20 billion. BlackRock’s IBIT has been edging closer to overtaking Grayscale and holds just two thousand fewer Bitcoin for a total of $19.8 billion in assets under management. With the current trajectory, IBIT is scheduled to overtake Grayscale this week and become the world’s largest digital asset ETF.

Fidelity is the other big player, with over 161,000 BTC, worth just over $11.1 billion. ARK 21Shares and Bitwise are the only other issuers in the US whose ETFs hold over 10,000 BTC, with Cathie Wood’s investment firm having a slight edge over the San Francisco-based crypto investment manager.

Collectively, American ETFs hold 855,619 BTC. Beyond the US, neighbouring Canada has the largest ETF—the Purpose Bitcoin ETF, which holds over 27,000 BTC and is valued at $1.87 billion. Germany, Switzerland, the Channel Islands and the Jersey Islands are among the other notable players.

While Hong Kong made a big splash with the launch of its ETFs, its largest product holds just over 1,500 BTC, worth $108 million, which wasn’t enough to squeeze into the top 25 ETFs globally. However, as Crypto News Flash reported, the city-state remains boldly optimistic about the future of its ETFs and has fought back against accusations of underwhelming investor interest.

What’s Next for Bitcoin?

The Bitcoin ETFs led to a price surge that pushed BTC to an all-time high in March. However, the crypto has struggled for momentum since then.

At press time, it trades at $68,388, trading sideways over the past day amid a slight dip on the weekly chart. It now boasts a market cap just above $1.3 trillion as its dominance remains above 52%.

Some analysts believe it’s only a matter of time before game theory forces institutions to pour their money into the crypto. This theory posits that rational actors will make decisions influenced by fellow actors to maximize their interests. In this case, institutional players will likely direct billions into Bitcoin once they strongly believe their peers will do the same. Already, giants like Morgan Stanley, JPMorgan, the State of Wisconsin, George Soros, Blackrock, Fidelity, Franklin Templeton and more are diving in. By game theory, it won’t be long before others follow suit and push BTC to new heights.