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Since their approval in January 2024 Spot Bitcoin ETFs are steadily gaining popularity in the United States, with issuers buying hundreds of thousands of BTC as their popularity spread. This has led to a large supply of BTC among these issuers, with BlackRock leading the charge. Given their buying appetite so far, the number of BTC held by the Spot Bitcoin ETFs has increased and is almost at the 1 million mark.
Spot Bitcoin ETFs now hold 924,768 BTC
The US Securities and Exchange Commission approved a total of twelve Spot Bitcoin ETFs for trading in January 2024. Now, just eight months later, these ETFs have managed to acquire more than 4% of the total Bitcoin supply. Combined, this makes the Spot Bitcoin ETFs one of the largest BTC holders.
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So far, BlackRock IBIT has been one of the biggest buyers of BTC, even surpassing Grayscale’s GBTC, which had a 600,000 BTC lead. Currently, Grayscale owns over 350,000 BTC, making the company a top Bitcoin holder.
Grayscale still ranks second when it comes to the amount of BTC owned. However, the Bitcoin fund has recorded more outflows than inflows since January, losing more than half of its stock before the approval of the Spot Bitcoin ETF. Now Grayscale owns less than 250,000 BTC, after losing more than $20 billion on other Spot Bitcoin ETFs due to their lower fees.
Other Spot Bitcoin ETFs like the Fidelity FBTC and the Ark Invest/21Shares ARKB have reached almost 50,000 BTC. So far, the funds have been able to accumulate 924,768 BTC, bringing their total holdings very close to the 1 million BTC milestone. In total, the Spot Bitcoin ETFs now hold 4,685 of the total Bitcoin supply.
Top addresses with the largest holdings
The best Bitcoin wallet with the largest BTC holdings still remains the Satoshi Nakamoto wallet with 1.1 million BTC in it. However, this wallet has been inactive for a long time and is often left out of the top list of Bitcoin wallets due to its inactivity.
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According to the BitInfoCharts websiteAt the top of the Bitcoin rich list is the old Binance wallet with 248,598 BTC worth over $16.3 billion. Next is the Bitfinex Hack Recovery wallet with 94,643 BTC, with $6.2 billion. The Mt Gox Hack wallet contains 79,957 BTC and is the third largest at $5.2 billion.
The wallet containing the BTC seized during the Silk Road crisis with 69,370 BTC is in fourth position with a value of $4.56 billion, and the Binance BTCB Reserve wallet contains 68,200 BTC, worth $4.49 billion .
Featured image created with Dall.E, chart from Tradingview.com