Key Points
- Bitcoin exchange-traded products globally hold over 1 million Bitcoin.
- Grayscale’s GBTC and BlackRock’s iShares Bitcoin Trust are the largest funds holding Bitcoin.
Bitcoin (BTC) exchange-traded products, which track the cryptocurrency’s price or provide exposure to it, now hold over 1 million Bitcoin worldwide.
These investment vehicles have seen a significant increase since the launch of spot Bitcoin ETFs in the United States in mid-January.
Growth of Bitcoin ETFs
The 11 ETFs launched since then have accumulated 855,619 Bitcoin, averaging about 6,200 BTC per day.
Additional data from HODL15Capital reveals that 21 other Bitcoin exchange-traded products offered in countries such as Canada, Germany, and Brazil bring the total number of Bitcoin holdings to 1,002,343 BTC.
This amount, estimated to be worth $68 billion, represents 5.08% of the current circulating supply of coins, which is 19,704,484 according to CoinGecko.
Leading Funds Holding Bitcoin
Grayscale’s GBTC remains the largest fund holding the asset, with 289,040 coins worth around $19.9 billion.
However, BlackRock’s iShares Bitcoin Trust (IBIT) is quickly catching up, holding 287,168 BTC worth approximately $19.8 billion.
If inflows remain steady and GBTC continues to outflow, IBIT may surpass GBTC this week.
Since GBTC was converted into a spot ETF in mid-January, Grayscale has lost around 330,960 BTC, or 53% of its previous holdings.
A post by HODL15Capital on May 28 raised questions about whether the ETFs were slowing the growth of Bitcoin held in self-custody.
A chart showing the amount of BTC held in various addresses by amount indicates no growth in self-custody from 2023 to 2024.
However, there was also no growth between 2017 and 2018, according to the chart.
Just 1 million addresses hold 1 BTC or more, according to LookIntoBitcoin.
