US Bitcoin ETFs Reach New Record with Over 850K Under Management

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.

Notably, spot ETFs closed last Wednesday with their eighth consecutive day of net inflows, accumulating an impressive total of over 24,500 BTC in that period. This series of acquisitions marks a notable turnaround compared to previous weeks, where some of the largest ETFs saw few or no new inflows, and on certain days, even net outflows.

📊 UPDATED #Bitcoin ETFs schedule $ GOES $FBTC $ARKB $BITB $BRRR $BTCO $HODL $EZBC pic.twitter.com/CSyUMUNcgd

— HODL15Capital 🇺🇸 (@HODL15Capital) May 23, 2024

At the regulatory level, the cryptocurrency industry in the US celebrated a significant political victory. The House of Representatives approved broad legislation that seeks to establish clear regulations for digital asset markets. The Financial Innovation and Technology for the 21st Century (FIT21) Act passed with a vote of 279-136, with significant bipartisan support, highlighting a historic moment for cryptocurrency legislation in Congress.

Meanwhile, expectations among investors are that a spot ether ETF will be approved later this week in the US. A sudden change in policy raised approval expectations from 25% to more than 75%, according to market analysis.

At the time of publication, the price of BTC was quoted at US$69,421.78 with a drop of 0.5% in the last 24 hours.

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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 or trading cryptocurrencies carries a risk of financial loss.