BlackRock leads US ETFs dominance as ETPs corner 7% of total Bitcoin supply

Bitcoin exchange-traded products (ETPs) now hold almost 1.5 million BTC, accounting for 7% of the maximum Bitcoin supply. Wealth management analyst Nate Geraci shared the milestone, noting the sizable impact of the exchange-traded funds (ETFs).

According to the data shared by Geraci, Bitcoin spot ETFs and ETPs hold a total of 1,474,606 Bitcoin as of the end of August 2025. Unsurprisingly, US-based spot Bitcoin ETFs account for most Bitcoin holdings.

The eleven US spot Bitcoin ETFs hold 87.56% of all BTC by ETPs, with around 1.29 million as of the end of last month.  A further breakdown shows that BlackRock IBIT is the top performer, with the ETF holding 746,810 BTC. Fidelity FBTC and Grayscale GBTC follow with 199,497 BTC and 178,728 BTC.

Outside of these three, no other spot Bitcoin ETF or ETP has up to 50,000 BTC in holdings, with Grayscale Mini BTC, Ark 21Shares ARKB, and Bitwise BITB having 46,520 BTC, 43,054 BTC, and 40,636 BTC, respectively. WisdomTree BTCW holds the lowest number of BTC in the US, with just 1,591 BTC.

Interestingly, the decline in the amount of BTC held by Grayscale GBTC stands out. The ETF had 619,162 BTC when the US Securities and Exchange Commission (SEC) approved the spot Bitcoin ETFs in January 2024.

However, the amount held by GBTC in almost two years since its conversion from a trust to an ETF had declined by 71%. Experts believe that outflows from GBTC have gone to other Bitcoin ETFs, particularly BlackRock IBIT and Grayscale Mini.

US ETF dominance impacts Canada’s Purpose Bitcoin ETFs

Meanwhile, the dominance of US spot Bitcoin ETFs is more evident because products from the country account for the first six in the list of top ten spot Bitcoin ETPs by assets under management. VanEck’s HODL also sneaks in at number eight, leaving only three spots for Bitcoin products outside the US.

The biggest impact of the approval of US Bitcoin ETFs appears to have been on Canada’s Purpose Bitcoin BTCC. This was the first spot Bitcoin product to list in North America, and it had 34,007 BTC in January 2024.

However, that has dropped 20,717, a clear sign of consistent outflows over the past 18 months. Other major Bitcoin ETPs that have seen outflows within that period include Europe-based CoinShares COINXBE, Bitwise BTCE, and 21Shares ABTC.

Nevertheless, the amount of BTC held by these ETPs and ETFs has been growing over the past 18 months, with more than 85% growth since January 2025. This growth in BTC holdings has also been consistent with the rise in Bitcoin’s value.

Bitcoin falters as ETF demand slows down

Meanwhile, demand from Bitcoin ETFs and ETPs appears to have slowed down in recent weeks as investors focus on Ether products. According to data from CoinShares, Bitcoin ETPs recorded a net outflow of $301 million in August, during which Ether products received $3.96 billion while Solana and XRP products saw $388.8 million and $307 million net flow.

The decline in interest in Bitcoin ETPs appears to be part of a general drop in institutional appetite for BTC, with institutional purchase of Bitcoin now at its lowest level since early April. Bitcoin whales are also offloading and rotating to ETH, with one Bitcoin whale selling 31,151 BTC worth $3.4 billion and buying ETH instead.

Unsurprisingly, the declining demand and sell-offs have caused Bitcoin prices to falter in the past few days, falling as low as $107,000 on September 1 before recovering and rising above $110,000. The flagship asset is already down 12% from its peak value, leading to speculation that the bull cycle might be at the top.

However, CryptoQuant analysts consider this decline a normal correction, far below the biggest drawdown of 28% from its all-time high since the start of this bull cycle. They noted that such price retracement is healthy in a bull market to cool overheated sentiments and allow entry for new investors.

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