Spot Bitcoin ETFs have reached a significant milestone, with a total of 900,000 BTC held since their launch. This achievement comes at a time of increased BTC accumulation in July, indicating a potential bullish reversal in the market.
The United States BTC ETF holdings have surpassed 900,000 BTC, valued at over $60 billion. Nate Geraci, President of the ETF Store, highlighted that this milestone represents 4.3% of the total BTC supply in the market. Additionally, US Spot Bitcoin ETFs hold 82% of the nearly 1.1 million BTC held by global BTC ETFs.
Data from Farside Investors shows a surge in inflows for Spot Bitcoin ETFs, with approximately $2.38 billion in net inflows in less than two weeks. This has brought the total net inflows to $17 billion since the ETFs’ launch in January 2024. The ETFs have seen 11 consecutive days of inflows, with the highest recorded on July 19 at $383.6 million.
BlackRock’s iShares Bitcoin Trust (IBIT) has played a significant role in achieving the 900,000 BTC milestone, managing around 325,449 BTC worth $21 billion. BlackRock’s rapid success in the BTC ETF market has led to a multi-billion dollar status in less than six months.
The surge in US Spot Bitcoin ETFs holdings coincides with a notable increase in BTC accumulation in July. This growth is likely driven by a shift in BTC’s bearish trend, prompting investors to increase their demand for the cryptocurrency. Reports from crypto analysts and Glassnode indicate a significant increase in BTC accumulation into Spot Bitcoin ETFs, while the availability of BTC on exchanges is decreasing.
Glassnode data shows a surge in the BTC accumulation trend, with the number of BTC whales holding at least 1,000 BTC also increasing in July. This growing demand for BTC suggests a positive outlook for the cryptocurrency market.
In conclusion, the milestone of 900,000 BTC held by US Spot Bitcoin ETFs, along with the growing BTC accumulation in July, indicates a potential bullish reversal in the market. Investors are showing increased interest in BTC, leading to significant inflows into ETFs and a positive trend in the cryptocurrency market.
