Michael Saylor, president of MicroStrategy and prominent Bitcoin advocate, has drawn attention to a notable milestone achieved by Bitcoin exchange-traded funds (ETFs). According Taylor34 Bitcoin Spot ETFs now hold over one million BTC, which is equivalent to 1,031,973 BTC.
Michael Saylor, president of MicroStrategy and prominent Bitcoin advocate, has drawn attention to a notable milestone achieved by Bitcoin exchange-traded funds (ETFs). According Taylor34 Bitcoin Spot ETFs now hold over one million BTC, which is equivalent to 1,031,973 BTC.
Bitcoin ETFs have accumulated over one million BTC, which is a huge achievement in the cryptocurrency market. ETFs are investment funds that trade on stock exchanges and offer a way for investors to gain exposure to Bitcoin without having to directly own the cryptocurrency. This milestone indicates that both institutional and retail investors are increasingly turning to Bitcoin ETFs.
Bitcoin funds like BlackRock and Fidelity Investments are among some of the most successful debuts in the history of the ETF sector. They took Wall Street by storm, shifting the center of gravity of cryptocurrencies from Asia to the United States.
BlackRock’s $21.4 billion-plus iShares Bitcoin Trust recently became the world’s largest fund for Bitcoin, surpassing Grayscale’s $20.1 billion Bitcoin trust. The $12.3 billion Fidelity Wise Origin Bitcoin fund comes in third.
Tomiwabold OlajideSaylor’s own company, MicroStrategy, has made headlines for its aggressive Bitcoin accumulation, holding 214,400 Bitcoins as of May 1, 2024.
Last week, US exchange-traded funds that invest directly in Bitcoin recorded net inflows for the 19th consecutive day, a surge in demand that has helped push the largest digital currency to a new high. On June 7, the 11 Bitcoin ETFs saw $131 million in inflows.
Bitcoin lost ground after a report showed that US job growth increased in May, while the unemployment rate rose unexpectedly, providing a mixed picture of the labor market. Bitcoin was little changed at the time of writing, having risen 0.04% in the previous 24 hours to $69,315.
