Bitcoin ETFs hit new milestone as crypto community awaits price surge

Source Fxstreet
May 27, 2024 21:58
  • 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.

Also read: Bitcoin Weekly Forecast: BTC struggles, but $80K is at striking distance

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.

Read more: Digital asset weekly inflows jump over 600% following response to CPI report

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."

Also read: Ethereum spot ETFs are good for Bitcoin, says Michael Saylor, as ETH bulls show confidence

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.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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