Interest in cryptocurrency investments continues to gain ground
Bitcoin exchange-traded derivatives are investment products that follow the price or give BTC more exposure and have recently exceeded one million in global Bitcoin reserves.
The 11 ETFs have used up 855,619 Bitcoin since spot Bitcoin ETFs first became available in the US in January 2024, earning an average of 6,200 BTC daily.
Information recently made available by HODL15Capital showed that an additional 21 Bitcoin exchange-traded products are offered in other countries, such as Canada, Brazil, and Germany. This increases the total amount of Bitcoin possessed to 1,002,343 BTC, valued at about $68 billion.
According to CoinGecko, this makes up about 5.08% of the 19,704,484 total Bitcoins currently in circulation. The Grayscale GBTC was the largest fund holding the asset, with 289,040 BTC valued at about $19.9 billion at the time of the report.
However, BlackRock’s iShares Bitcoin Trust (IBIT) is quickly making up ground on GBTC. It holds 287,168 BTC, valued at around $19.8 billion, and could overtake it in the next several days if influxes remain at the same level and GBTC resumes its current outflow.
Grayscale has lost about 53% of its previous holdings, or about 330,960 BTC, since GBTC was transformed into a spot ETF in January.
HODL15Capital made a separate X post on May 28, challenging whether the growth of private Bitcoin holdings is impeding the evolution of Bitcoin ETFs. A chart was included showing how much BTC amounts held in different addresses failed to grow in self-custody between 2023 and 2024.
