US Bitcoin ETFs Bought $58.50 Billion in Five Months

Spot Bitcoin-based exchange-traded funds (ETFs) have reached an impressive peak recently. According to a survey shared by renowned cryptocurrency analyst Ali Martinez on May 31, United States Bitcoin ETFs are responsible for acquiring around US$58.50 billion in just five months of trading.

Bitcoin ETFs were approved by the US Securities and Exchange Commission (SEC) on January 10, with trading beginning a day later. The movement marked the cryptocurrency industry in its growing advancement and development, boosting the highs reached by the market in March.

Martinez noted in the shared survey that in just five months, US spot Bitcoin ETFs purchased 857,700 BTC tokens, worth $58.50 billion. “Get ready for what’s coming!”, highlighted the analyst.

In just 5 months, US #Bitcoin ETFs have bought 857,700 $BTCworth $58.50 billion. Brace yourselves for what’s coming! pic.twitter.com/cNi5u6OjtW

— Ali (@ali_charts) May 31, 2024

Dynamic investors looking to diversify their portfolios with lower costs and tax advantages often opt for Exchange Traded Funds (ETF). An ETF is a collection of assets, the shares of which are traded on stock markets. They offer a combination of the benefits of mutual funds, stocks and bonds.

At the time of publication, the price of Bitcoin was quoted at US$67,628.94, down 1.0% in the last 24 hours.

Bitcoin exchange-traded funds (ETFs) in the United States have reached a new historic milestone, with total bitcoins under custody surpassing 850,000 tokens. The all-time high of 850,707 BTC was recently reached, surpassing the previous peak of over 845,000 BTC seen in early April. This development highlights investors’ growing interest and confidence in cryptocurrency-based financial products.

Among the top funds, Grayscale’s GBTC stands out as the largest single bitcoin holder, with 289,300 tokens, which are currently worth more than $20 billion. Close behind is BlackRock’s IBIT, with 283,200 BTC, valued at around 19.6 billion dollars. These numbers come courtesy of data analytics conducted by @HODL15Capital, who continue to monitor growth and trends within the cryptocurrency ETF space.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.