Bitcoin exchange-traded merchandise (ETPs) now maintain greater than 1.47 million Bitcoin, amounting to 7% of the cryptocurrency’s most 21 million coin provide.
US-based exchange-traded funds for Bitcoin (BTC) have scooped up the biggest share, with their holdings exceeding 1.29 million BTC held throughout all 11 funds as of Sunday, in accordance to knowledge shared by X account HODL15Capital on Monday.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) held probably the most of any fund at 746,810 BTC, whereas the Fidelity Wise Origin Bitcoin Fund (FBTC) was the second largest with just below 199,500 BTC.
Global Bitcoin ETPs added greater than 170,000 BTC, value about $18.7 billion, between Dec. 31, 2024, and Sunday.
Demand for Bitcoin ETPs appears to be slowing, as international Bitcoin ETPs noticed a web outflow of $301 million for the month of August, whereas Ethereum funds attracted inflows of $3.95 billion throughout the identical interval, CoinShares reported on Monday.
Bitcoin demand slows
The demand for Bitcoin is slowing as crypto whales have rotated billions of {dollars} to Ether (ETH).
On Monday, a Bitcoin whale bought 4,000 BTC for 96,859 Ether over the span of 12 hours. The whale now holds $3.8 billion value of Ether.
Blockchain knowledge platform Arkham reported on Wednesday that 9 whales have collectively booked a revenue in Bitcoin and have rotated into ETH, with their buys amounting to $456 million.
Related: US ETFs now a serious supply of Bitcoin spot buying and selling quantity: CryptoQuant
The downturn in Bitcoin comes at a time when September has traditionally been the weakest month for the asset, whereas the value of gold notches larger.
Another issue that’s probably inflicting traders to pause betting on Bitcoin is that as many as 92 crypto-related ETFs are pending with the US Securities and Exchange Commission, with a number of the most-anticipated funds monitoring Solana (SOL) and XRP (XRP) due for the regulators’ choice in October.
Pseudonymous Bitcoin analyst PlanC mentioned that Bitcoin’s path to $1 million may face hurdles.
“Instead, we simply hold grinding slowly upward to $1,000,000 over the following seven years in a really boring and underwhelming approach,” PlanC mentioned.
Research agency Delphi Digital mentioned that Bitcoin may rally after which crash after the Federal Reserve cuts rates of interest, offered the asset will increase in value beforehand. Delphi added that the value of Bitcoin will stay steady if it doesn’t garner a lot exercise main as much as the Fed fee minimize.
Magazine: XRP ‘cycle goal’ is $20, Strategy Bitcoin lawsuit dismissed: Hodler’s Digest, Aug. 24 – 30
