CandleFocus Bitcoin ETFs Surpass 1 Million BTC Holdings In Less Than A Year Since Launch – Details Inside
2024-11-05
Author: Content Editor
Bitcoin exchange-traded funds (ETFs) have accumulated over one million BTC since their launch, indicating strong investor demand for the digital asset. The approval of spot Bitcoin ETFs earlier this year by the US Securities and Exchange Commission has been considered a resounding success. Bitcoin ETFs have recorded a total net inflow of $24.15 billion, with a current total value of approximately $70 billion. This represents about 5% of the total 21 million Bitcoin supply. The leading Bitcoin ETF is BlackRock's IBIT spot BTC ETF, followed by Grayscale's GBTC and Fidelity's FBTC. The growing interest in Bitcoin ETFs is evident in the recent inflows of over $2.2 billion into digital asset investment products. The possibility of a Republican victory in the upcoming US presidential election has contributed to the surge in inflows. There are expectations that a Trump win could benefit BTC and other digital assets. However, Kamala Harris, Biden's vice president, has reportedly taken a more positive approach to digital assets, which could potentially appeal to crypto-focused voters. At the time of writing, Bitcoin is trading at $68,941.
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