Bitcoin exchange-traded funds (ETFs) in the United States have achieved a significant milestone, as the total number of bitcoins held in custody has surpassed 850 tokens. This new all-time high of 850.707 BTC exceeds the previous peak of over 845,000 BTC observed in early April. This development is a clear indication of the increasing interest and confidence that investors have in cryptocurrency-based financial products.
Among the leading funds, Grayscale’s GBTC stands out as the largest holder of bitcoins, with 289,300 tokens, currently valued at over $20 billion. Following closely behind is BlackRock’s IBIT, which holds 283,200 BTC, worth approximately $19.6 billion. These figures have been provided by @HODL15Capital, a data analytics firm that continuously monitors the growth and trends within the cryptocurrency ETF market.
Interestingly, spot ETFs experienced their eighth consecutive day of net inflows, accumulating an impressive total of over 24,500 BTC during that period. This series of acquisitions marks a significant turnaround compared to previous weeks, where some of the largest ETFs saw minimal or no new inflows, and even experienced net outflows on certain days.
In terms of regulatory developments, the cryptocurrency industry in the US has achieved a major political victory. The House of Representatives has approved comprehensive legislation aimed at establishing clear regulations for digital asset markets. The Financial Innovation and Technology for the 21st Century (FIT21) Act was passed with a vote of 279-136, receiving significant bipartisan support. This marks a historic moment for cryptocurrency legislation in Congress.
Meanwhile, investors are eagerly anticipating the potential approval of a spot ether ETF later this week in the US. A sudden policy change has raised the approval expectations from 25% to over 75%, according to market analysis.
At the time of writing, the price of BTC stands at $69,421.78, experiencing a slight 0.5% drop in the last 24 hours.
Disclaimer: The views and opinions expressed in this article, as well as those of any individuals mentioned, are solely for informational purposes and should not be considered as financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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