As a seasoned analyst with over two decades of experience in the financial industry, I’ve witnessed the rise and fall of numerous investment vehicles. However, the meteoric growth of Spot Bitcoin ETFs has left me genuinely impressed.
Since January 2024, Spot Bitcoin ETFs have been growing increasingly popular in the U.S., resulting in numerous issuers acquiring hundreds of thousands of Bitcoins. As a result, these issuers now hold a substantial amount of Bitcoin, with BlackRock being one of the leading players. With their ongoing purchasing activity, the amount of Bitcoin held by Spot Bitcoin ETFs has been steadily increasing and is nearing the 1 million mark.
Spot Bitcoin ETFs Now Hold 924,768 BTC
In January 2024, a dozen Spot Bitcoin Exchange-Traded Funds (ETFs) were given approval by the U.S. Securities and Exchange Commission for trading. As we speak, approximately eight months later, these ETFs collectively own over 4% of all existing Bitcoins. Collectively, they rank among the top Bitcoin holders.
To date, BlackRock’s IBIT has emerged as one of the foremost purchasers of Bitcoin, outstripping even Grayscale’s GBTC, which initially possessed around 600,000 Bitcoins more. At present, Grayscale controls over 350,000 Bitcoins, thereby ranking among the leading Bitcoin holders.
As a crypto investor, I’ve noticed that, despite being in second place, Grayscale still holds a significant number of Bitcoins. However, since January, the Bitcoin fund has seen more outflows than inflows, shedding over half of its Bitcoin holdings before the Spot Bitcoin ETF approvals. Now, Grayscale’s BTC stash is less than 250,000 due to a staggering $20 billion loss to other lower-fee Spot Bitcoin ETFs.
Approximately 50,000 more Bitcoins have been accumulated by Bitcoin ETFs like Fidelity’s FBTC and Ark Invest/21Shares ARKB, bringing their combined holdings to about 924,768 Bitcoins. This is just shy of the 1 million Bitcoin milestone they are nearing. Collectively, these Spot Bitcoin ETFs now represent approximately 4.685% of the total Bitcoin supply in circulation.
Top Addresses With Largest Holdings
The wallet that holds the most Bitcoin (BTC), attributed to Satoshi Nakamoto, still reigns supreme with approximately 1.1 million BTC. Yet, because it’s been inactive for a long time, it’s frequently omitted from lists of top Bitcoin wallets.
Based on data from BitInfoCharts, the Binance ancient wallet currently leads the Bitcoin wealth ranking, holding approximately 248,598 BTC valued at over $16.3 billion. The Bitfinex Hack Recovery wallet comes in second with around 94,643 BTC ($6.2 billion), while the Mt Gox Hack wallet holds about 79,957 BTC ($5.2 billion) and ranks third.
69,370 BTC seized from the Silk Road raid ranks fourth in value at approximately $4.56 billion, while the Binance BTCB Reservoir contains 68,200 BTC, also valued at around $4.49 billion.
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2024-09-30 17:46