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US Bitcoin ETFs Soaked Over 500,000 BTC in 2024
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You Bitcoin ETFs in sight of the United States surpassed the 500,000 BTC mark in accumulated net inflows. The products reached this milestone less than a year after the start of negotiations, reflecting a significant growth in investor interest, with the funds absorbing more than 2.5% of the total circulating supply of Bitcoin.
For the first time, US ETFs reached the 500 thousand Bitcoin acquired throughout 2024. These numbers were presented by researcher Vetle Lunde, from K33 Research. According to Lunde’s post, the 12 Bitcoin funds absorbed around 2.5% of the 19.8 million BTC.
The graph shared by Vetle shows the upward growth of acquisitions at two main moments. The first was in February after the wave of ETF approvals, and the other was from Octoberwhen then-presidential candidate Donald Trump began making public statements in favor of BTC.
However, it was the balance given as of November 7th, the date on which Trump’s return to the White House was confirmed, that was surprising: around 95 thousand Bitcoin were acquired by the 12 ETFs in less than 30 daysindicating the high expectations of Bitcoin investors regarding the second Trump administration.
Success of ETFs
Even so, net inflows were still below the 500k mark until the Fidelity fund (FBTC) pulled the line higher. Last Wednesday, the fund acquired US$210 million (a little more than 2,200 Bitcoin) at a unit cost of US$97 thousand.
The 500,000 mark in net acquisitions could have been reached last week, when the BlackRock ETF (IBIT) had acquired another batch of Bitcoin and surpassed the 500,000 mark under the fund’s control. However, due to conversions by Grayscale (GBTC), which has been selling its Bitcoin throughout the year, it was not possible to reach the mark.
In total positions, US Bitcoin ETFs now hold about 1.104 million in BTCsurpassing, for the first time, the legendary creator of cryptocurrency Satoshi Nakamoto. According to estimated data, Satoshi holds 1.1 million Bitcoin. It is worth remembering that the volume refers to the sum of Bitcoin controlled by the 12 ETFs together.
Even so, this is a notable volume of Bitcoin, especially considering that they have been in operation for less than 1 year. MicroStrategy, known for its million-dollar contributions in Bitcoin, holds 633 thousand BTC. The United States Government, on the other hand, only has 198 thousand BTC, a number close to that of the Chinese Government, which holds 194 thousand.
However, the hegemony of ETFs in the ranking may be at risk by the US government, which is expected to create the Bitcoin reserve fund next year, increasing its positions in the asset. As well as MicroStrategy, which leveraged a 3 trillion doubt to acquire more acquisitions.
US Bitcoin ETFs Soaked Over 500,000 BTC in 2024
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US Bitcoin ETFs Soaked Over 500,000 BTC in 2024
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US Bitcoin ETFs Soaked Over 500,000 BTC in 2024
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US Bitcoin ETFs Soaked Over 500,000 BTC in 2024
