MicroStrategy CEO Michael Saylor took to social media to celebrate a significant milestone in the Bitcoin ETF arena. He highlighted that 32 Bitcoin ETPs now hold over 1 Nakamoto in reserve, which means that the funds have stacked over 1 million BTC since inception. Moreover, US-based ETFs emerged as the biggest contributors to this surge in BTC reserve.

MicroStrategy CEO On Bitcoin ETF Surging Inflows

In a post on X, Saylor exclaimed, “32 #Bitcoin Spot ETFs now hold ~1 Nakamoto of $BTC.” Hence, this highlights the exponential growth of Bitcoin ETFs and their accumulated BTC reserves. The global Bitcoin ETF ecosystem has witnessed an unprecedented surge, amassing a colossal reserve of over one million BTC.

Furthermore, this milestone comes amid growing institutional adoption of Bitcoin ETFs. Before the commencement of trading on Monday, May 27, for US Spot Bitcoin ETFs, it was reported that global Bitcoin ETP reserves had surpassed the remarkable milestone of one million BTC.

In the United States, Bitcoin ETFs have seen substantial accumulation since their inception in January of the same year. Leading the pack is Grayscale’s GBTC ETF, which holds the largest share at 289,040 BTC, despite a significant reduction from its initial reserve. Moreover, BlackRock’s iShares Bitcoin Trust (IBIT) has also shown remarkable growth. It expanded its reserve to an impressive 287,168 BTC from a mere 225 BTC at launch.

Other significant contributors in the US market include Fidelity’s Wise Bitcoin ETF with 161,538 BTC and the Ark 21Shares ETF (ARKB) with 48,503 BTC. Smaller players such as the Bitwise BTC ETF (BITB), VanEck Bitcoin Trust (HODL), and Valkyrie BTC ETF (BRRR) have also made notable contributions to the overall reserve.

Internationally, Bitcoin ETPs have collectively garnered 1,002,343 BTC. This further solidifies Bitcoin’s position as a global investment asset. Canada’s Purpose Bitcoin ETF takes the lead outside the US, holding 27,110 BTC. In addition, it’s followed closely by Germany’s ETC Group Physical Bitcoin Fund with 21,005 BTC. Moreover, the recent launch of Hong Kong Bitcoin ETFs has also contributed to the global reserve, amassing a significant amount of 3,553 BTC.

Impact On BTC Price

The strong institutional interest could be a bullish signal for the future trajectory of the Bitcoin price. Furthermore, with one million BTC locked in these ETFs, supply crunch could be experienced as the BTC exchange reserve has also been plunging to new lows. However, currently, the Bitcoin price is grappling with a bearish turn.

In addition, Michaël van de Poppe, a crypto analyst, suggested that Bitcoin is inching closer to consolidate between $60,748 and $66,000. He added, “Losing $66K and I think we’ll test range low and be buying there again. That’s the level where you’d want to get your purchases ready.”

However, if the BTC price manages to sustain above $66,000, a retest can be avoided. Additionally, the robust ETF inflows could catalyze a rebound in Bitcoin’s value. At the time of writing, the BTC price was down by 0.38% to $68,872.22 on Monday, May 22.

The post MicroStrategy CEO Michael Saylor Celebrates Bitcoin ETF Reserve Surpassing 1M BTC appeared first on CoinGape.

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Filed under: News - @ May 27, 2024 1:25 pm