Bitcoin remains the leading crypto asset in the crypto world. With barely five months gone since the United States Securities and Exchange Commission (SEC) gave approval for the 11 spot Bitcoin ETF products, investors have amassed 857,700 BTC worth a staggering $58.50 billion.
Rapid Growth in Bitcoin Holdings
Renowned cryptocurrency trader and analyst Ali Martinez shared these insights with the broader cryptocurrency community via a post on his X handle. Drawing on a CryptoQuant-powered chart, the entire US Bitcoin ETF issuers’ holdings since the approval in January show an astronomical growth from 629,900 to 857,700 BTC.
In just 5 months, US #Bitcoin ETFs have bought 857,700 $BTC, worth $58.50 billion. Brace yourselves for what’s coming! pic.twitter.com/cNi5u6OjtW
— Ali (@ali_charts) May 31, 2024
In May alone, US Bitcoin accumulated 29,800 BTC to see its holdings grow from 827,900 to its current peak. This marks the highest month for the acquisition of the products since the approval in January. The last notable height was in the first week of April when the total spot Bitcoin ETF came in at 844,900 BTC.
Notably, these accumulations have not dropped below the 800,000 mark since breaching that level in the first week of March. That is barely two months after the SEC’s approval. These statistics are indicative of the consistency in the accumulation of the product by American institutional investors.
Major Players in the Bitcoin ETF Market
As per the Crypto-Vanguard report on the holdings of the top five corporate holders of the product, Millennium Management occupies the top spot with a total investment worth $1.8 billion out of a total of $58.50 billion. Others are Susquehanna International Group ($1.1 billion). Horizon Kinetics ($989 million), Bracebridge Capital ($404 million), and Boothbay Fund Management ($303 million).
In Ali Martinez’s post, he urged the crypto community to brace up for what is coming. Some analysts speculate that with the growing adoption of spot Bitcoin ETF by major traditional institutions, a major supply crunch is imminent that might trigger price growth.
Notable finance firms, such as Bank of Montreal, Canada, and JPMorgan Chase are among the latest to declare their exposure to spot Bitcoin ETF products in the US.
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