Can US spot Bitcoin ETFs Cross 1 Million BTC Holdings By July End?

US Spot Bitcoin ETFs have made a strong comeback, registering their ninth consecutive day of inflows on Wednesday, July 17. Over the past week, these ETFs have accumulated significant amounts of Bitcoin, pushing the BTC price above $65,000.

US Bitcoin ETFs Eye 1 Million BTC Holdings

On Wednesday, the nine spot Bitcoin ETFs saw $53 million in total inflows with BlackRock’s IBIT leading the show with another $110 million in inflows. Interestingly, the net inflows dropped significantly from more than $400 million on the previous day, Tuesday. With over $57 million of outflows, Grayscale’s GBTC played the major spoilsport on Wednesday.

Following yesterday’s inflows, the total BTC holdings of US Bitcoin ETFs have crossed 900,000. considering the massive inflows coming into Bitcoin recently, there’s every possibility that we may see the 1 million BTC holdings by the month-end.

The US Spot #Bitcoin ETFs now hold 903,468 $BTC! pic.twitter.com/6ZuXp8Acha

— Crypto Rover (@rovercrc) July 17, 2024

Amid the recent performance, the total Bitcoin ETF inflows since inception crossed $16 billion for the very first time. This is considering the total outflows from GBTC over the past few months.  BlackRock’s IBIT has been the torchbearer leading most of the inflows. Just in the last eight trading sessions, the total IBIT inflows have been more than $1 billion setting up a major milestone.

During the second quarter, the institutional holdings in US BTC ETFs have shot up by a staggering 80%. If this momentum continues going ahead, the next major milestone is not very far off.

Also Read: BlackRock, Franklin, Bitwise, Invesco, Grayscale, Fidelity File Updated Spot Ethereum ETF S-1

Global ETFs Have Already Crossed the One Million Milestone

Apart from the United States, BTC ETFs worldwide have witnessed strong inflows. There’s no doubt that the US holds the lion’s share of the market. Outside the US, Canada’s Purpose Bitcoin ETF is the largest BTC holder with more than 27,000 Bitcoins.

Global Bitcoin ETF tracker👇 39 funds HODL 1,051,569 #Bitcoin 🧮 pic.twitter.com/ySTrqfiAXe

— HODL15Capital 🇺🇸 (@HODL15Capital) July 14, 2024

Other overseas markets like Hong Kong have also seen strong participation with its BTC holdings crossing over 5,000 BTC within a few months of launch. Obviously, these are smaller markets in comparison to the liquidity that the US market offers.

✅ Bitcoin held by Hong Kong 🇭🇰 Bitcoin ETFs hits record high👇

5,000+ $BTC pic.twitter.com/KEtfFAz06y

— HODL15Capital 🇺🇸 (@HODL15Capital) July 17, 2024

Also Read: Ethereum To Outperform Bitcoin After Spot Ether ETF Launch

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.