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Since their approval in January 2024, Spot Bitcoin ETFs have been steadily gaining traction in the United States. The issuers of these ETFs have been purchasing hundreds of thousands of BTC, significantly boosting their holdings. Leading the charge is BlackRock, whose aggressive buying spree has driven the number of BTC held by Spot Bitcoin ETFs close to the 1 million mark.
Spot Bitcoin ETFs Now Hold 924,768 BTC
The United States Securities and Exchange Commission (SEC) approved a total of 12 Spot Bitcoin ETFs for trading in January 2024. In just eight months, these ETFs have acquired over 4% of the total Bitcoin supply. This rapid accumulation positions Spot Bitcoin ETFs among the largest BTC holders in the market.
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Among the Spot Bitcoin ETFs, BlackRock’s IBIT has emerged as a major player, even surpassing Grayscale’s GBTC, which initially had a 600,000 BTC lead. Currently, Grayscale holds over 350,000 BTC but has experienced more outflows than inflows since January, primarily due to the lower fees associated with Spot Bitcoin ETFs. As a result, Grayscale’s holdings have dwindled to less than 250,000 BTC, losing over $20 billion to other ETFs.
Other notable Spot Bitcoin ETFs include the Fidelity FBTC and the Ark Invest/21Shares ARKB, each holding close to 50,000 BTC. Collectively, these funds have amassed 924,768 BTC, bringing their total holdings near the 1 million BTC milestone. Together, Spot Bitcoin ETFs now control 4.685% of the total Bitcoin supply.
Top Addresses With Largest Holdings
The Bitcoin wallet with the largest BTC holdings remains the Satoshi Nakamoto wallet, containing 1.1 million BTC. However, this wallet has been inactive for years and is often excluded from the list of top Bitcoin wallets due to its dormancy.
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According to BitInfoCharts, the top active Bitcoin wallet is the Binance old wallet, holding 248,598 BTC worth over $16.3 billion. Following it is the Bitfinex Hack Recovery wallet with 94,643 BTC, valued at $6.2 billion. The Mt Gox Hack wallet holds the third-largest amount, with 79,957 BTC worth $5.2 billion.
In fourth position is the wallet containing BTC confiscated from the Silk Road bust, holding 69,370 BTC worth $4.56 billion. The Binance BTCB Reserve wallet follows closely, with 68,200 BTC valued at $4.49 billion.
As the influence of Spot Bitcoin ETFs continues to grow, their substantial holdings and market activities are set to shape the future dynamics of Bitcoin investments. Investors and market watchers alike are keeping a close eye on these developments, anticipating further shifts in the cryptocurrency landscape.
BTC Price Trends
As of now, the BTC price has fallen below $65,000. This fluctuation is closely monitored by traders and investors, influencing their strategies and expectations for the future of Bitcoin.
Stay tuned for more updates on the evolving world of Spot Bitcoin ETFs and their impact on the cryptocurrency market.
