The post US Bitcoin ETFs Surge as BlackRock Renews Major BTC Purchases appeared on BitcoinEthereumNews.com.

US Bitcoin ETFs near 1 million BTC, just 83% away from surpassing Satoshi’s holdings.   BlackRock resumes buying Bitcoin, boosting its 359,271 BTC holdings significantly.   Institutional players and governments dominate Bitcoin holdings, driving market demand. Bitcoin exchange-traded funds (ETFs) are edging closer to a significant milestone, with combined holdings approaching one million BTC. Most recent report shows US-listed Bitcoin ETFs currently hold 916,047 BTC. This puts them just 83% shy from the estimated 1.1 million BTC held by Bitcoin’ creator, Satoshi Nakamoto. This growth is fueled by the increasing demand for Bitcoin ETFs. US bitcoin ETFs had good day yesterday pushing YTD flows to new high water mark of $17.8b. They’re now 92% of the way to owning 1million bitcoin and 83% of way to passing Satoshi as top holder. Tick tock.. pic.twitter.com/kTxlIzjJy6 — Eric Balchunas (@EricBalchunas) September 25, 2024 Eric Balchunas, senior ETF analyst at Bloomberg, highlighted the notable inflows into US Bitcoin ETFs this year. He noted that these ETFs have accumulated $17.8 billion in assets under management (AUM) to date. This represents 92% of the total AUM needed to reach one million BTC, a figure that continues to rise. The prospect of these funds becoming the largest Bitcoin holders is looking increasingly plausible. BlackRock Resumes Bitcoin Purchases BlackRock re-entered the Bitcoin market, making headlines with its renewed purchasing activity. Arkham, a blockchain analytics firm, confirmed BlackRock’s return to buying Bitcoin. The company’s current holdings amount to 359,271 BTC, securing its position as the third-largest holder. Read also: SEC Approves Bitcoin Options on BlackRock ETF: Market Reacts Reports suggest that BlackRock’s move correlates with a surge in interest in Bitcoin ETF trading. Tuesday saw a notable increase, with demand for spot Bitcoin ETFs exceeding $100 million. This underscores the ongoing momentum in the market. BlackRock’s Bitcoin ETF, along with…

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Filed under: News - @ September 26, 2024 4:18 am