Bitcoin ETFs hit new milestone as crypto community awaits price surge

FXStreet
Updated May 28, 2024 06:13
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■Spot Bitcoin ETFs hit 1 million BTC milestone, holding 5% of the total supply.

■The top three Bitcoin ETF holders are Grayscale, BlackRock, and Fidelity.

■Upcoming US elections may impact Bitcoin's price following Donald Trump's latest pro-crypto comment.


Bitcoin (BTC) ETFs worldwide now hold a record 1 million BTC, according to a recent X post by MicroStrategy CEO Michael Saylor. With the new milestone, Bitcoin may see a rally as Presidential candidate Donald Trump makes another pro-crypto comment.


Bitcoin ETFs set new record


Michael Saylor, CEO of MicroStrategy, recently made an X post on Monday about the significant achievement across Bitcoin ETFs worldwide, stating, "32 spot Bitcoin ETFs now hold '1 Nakamoto' of BTC," referring to 1 million BTC. This milestone was attained a little more than four months after Bitcoin ETFs went live on January 10.


US Bitcoin ETFs currently hold the largest amount, totaling 855,619 BTC. Grayscale, BlackRock, and Fidelity lead the list, with a combined holding of 737,746 BTC. BTC holdings among offshore ETFs also rose significantly.


Countries like Germany, Canada, Switzerland, and Hong Kong have continued to acquire spot Bitcoin ETFs, with Purpose Bitcoin ETF leading the pack, storing a total of 27,110 BTC, 7,000 BTC higher than Germany's BTCE with 20,837 BTC. Many have speculated that Bitcoin may see a rally following the milestone.


However, as the crypto community continues to await a price surge for Bitcoin, other factors may also influence the current state of the market.


During the weekend, Presidential candidate Donald Trump continued his bid to gain support from the crypto community after stating that he desires to make the United States a "leader in the field."


Trump stated that if he is elected president, his administration will fully support crypto companies. He is also the first Presidential candidate to accept campaign donations in Bitcoin.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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