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Will US Spot Bitcoin ETFs Reach 1 Million BTC Holdings by the End of July?

Amid staggering inflows over the past week, US Bitcoin ETFs, supported by BlackRock, are eyeing the milestone of 1 million Bitcoin holdings.
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Will US Spot Bitcoin ETFs Reach 1 Million BTC Holdings by the End of July?

Highlights

  • The total Bitcoin holdings of these ETFs have now surpassed 900,000 BTC.
  • Over the past eight trading sessions, BlackRock's IBIT has accumulated over $1 billion in inflows.
  • While the US dominates the market, global Bitcoin ETFs have also seen substantial growth, surpassing the 1 million BTC milestone.

US Spot Bitcoin ETFs have made a strong comeback, registering their ninth consecutive day of inflows on Wednesday, July 17. Over the past week, these ETFs have accumulated significant amounts of Bitcoin, pushing the BTC price above $65,000.

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US Bitcoin ETFs Eye 1 Million BTC Holdings

On Wednesday, the nine spot Bitcoin ETFs saw $53 million in total inflows with BlackRock’s IBIT leading the show with another $110 million in inflows. Interestingly, the net inflows dropped significantly from more than $400 million on the previous day, Tuesday. With over $57 million of outflows, Grayscale’s GBTC played the major spoilsport on Wednesday.

Following yesterday’s inflows, the total BTC holdings of US Bitcoin ETFs have crossed 900,000. considering the massive inflows coming into Bitcoin recently, there’s every possibility that we may see the 1 million BTC holdings by the month-end.

Amid the recent performance, the total Bitcoin ETF inflows since inception crossed $16 billion for the very first time. This is considering the total outflows from GBTC over the past few months.  BlackRock’s IBIT has been the torchbearer leading most of the inflows. Just in the last eight trading sessions, the total IBIT inflows have been more than $1 billion setting up a major milestone.

During the second quarter, the institutional holdings in US BTC ETFs have shot up by a staggering 80%. If this momentum continues going ahead, the next major milestone is not very far off.

Also Read: BlackRock, Franklin, Bitwise, Invesco, Grayscale, Fidelity File Updated Spot Ethereum ETF S-1

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Global ETFs Have Already Crossed the One Million Milestone

Apart from the United States, BTC ETFs worldwide have witnessed strong inflows. There’s no doubt that the US holds the lion’s share of the market. Outside the US, Canada’s Purpose Bitcoin ETF is the largest BTC holder with more than 27,000 Bitcoins.

Other overseas markets like Hong Kong have also seen strong participation with its BTC holdings crossing over 5,000 BTC within a few months of launch. Obviously, these are smaller markets in comparison to the liquidity that the US market offers.

Also Read: Ethereum To Outperform Bitcoin After Spot Ether ETF Launch

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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