US Bitcoin ETFs Account for More Than 86% of Global Bitcoin ETFs’ Bitcoin Holdings

Key Points:

• US Bitcoin ETFs hold $62 billion in BTC, over 86% of global Bitcoin ETF holdings, driving Bitcoin prices above $71,000.
• US spot Bitcoin ETFs saw nearly $900 million in inflows on June 4, the second-highest since their January 2024 launch, boosting market confidence.

US Bitcoin ETFs are drawing significant investor interest, with growth remaining steady and impressive inflows marking a notable shift in market dynamics.

US Bitcoin ETFs Lead Global Market Surge

As of June 4, 2024, global Bitcoin ETF holdings were updated by HODL15Capital, revealing 34 ETFs holding 1,020,000 Bitcoins worth $72 billion. Notably, US Bitcoin ETFs alone hold $62 billion worth of BTC, accounting for over 86% of the total Bitcoin held by global ETFs.

The recent surge in Bitcoin prices, which saw the cryptocurrency surpass $71,000, has been fueled by significant inflows into US Bitcoin ETFs, particularly spot Bitcoin ETFs. The influx has bolstered market confidence, with nearly $900 million flowing in on Tuesday, June 4, marking the second-highest single-day inflow since these ETFs launched on January 10, 2024.

The bullish sentiment is supported by 10X Research, which has issued optimistic reports predicting Bitcoin will soon reach a new all-time high. They attribute this to various factors, including inflation driving Bitcoin’s role as a hedge.

Regulatory and Political Backing Fuel US Crypto Revival

Contributing to the optimistic outlook are more accommodating regulatory environments and increased political support. Notable developments include the rising prominence of crypto advocate Donald Trump in the presidential race and growing political donations from the crypto sector. This represents a stark turnaround from last year when trading volumes shifted to Asia due to stringent US regulatory actions.

In a surprising move, the Securities and Exchange Commission (SEC) began approving ETFs investing in Ether in late May, marking a significant policy shift. The introduction of spot Bitcoin ETFs by major financial institutions like BlackRock and Fidelity on January 11 has been particularly influential, amassing $61 billion in assets and reshaping trading patterns to align more closely with US market hours.

These developments signal a resurgence in the US crypto market, with Bitcoin ETFs playing a crucial role in the evolving landscape.