The Bitcoin ETF landscape is witnessing dynamic changes with BlackRock’s IBIT Spot Bitcoin ETF amplifying its holdings to an impressive 500,380 BTC. This figure now makes up approximately 2.383% of the global Bitcoin supply, while U.S. ETFs collectively control around 5.156% of this asset.
How Much Bitcoin Do U.S. ETFs Own?
IBIT has emerged as a dominant player in the U.S. Bitcoin ETF market, holding nearly half of all such assets. The total assets under U.S. funds have soared to $103.8 billion, reflecting Bitcoin’s market capitalization of $1.898 trillion. This trend indicates a notable influence that these ETFs have over the Bitcoin market.
What Is Bitcoin’s Current Market Standing?
At present, Bitcoin ranks as the seventh largest asset globally. To surpass Alphabet’s market capitalization of $2.107 trillion, Bitcoin would need to reach a price point of $108,000. This positions Bitcoin as a significant contender in traditional finance.
Recent trading data illustrates a rebound in fund accumulation after a brief profit-taking period, with IBIT and other ETFs raising $670 million between Friday and Monday, contrasting with a $550 million sell-off the prior week. This shows that enthusiasm for Bitcoin remains robust among traders.
Key points include:
- BlackRock’s IBIT ETF controls over 2.3% of total Bitcoin supply.
- U.S. Bitcoin ETFs now hold assets worth $103.8 billion.
- Bitcoin aims to overtake Alphabet’s value by reaching $108,000.
- Grayscale’s Solana Trust ETF application signals a competitive market.
The recent actions by BlackRock and Grayscale indicate a thriving Bitcoin market, providing fresh avenues and possibilities for market participants. As competition heats up, these developments are poised to reshape the investment landscape in cryptocurrency.