Michael Saylor, Chairman of MicroStrategy and a prominent advocate for Bitcoin, has drawn attention to a significant milestone achieved by Bitcoin exchange-traded funds (ETFs). According to Saylor, 34 Spot Bitcoin ETFs now collectively hold over one million BTC, totaling 1,031,973 BTC.
The accumulation of more than one million BTC by Bitcoin ETFs marks a substantial achievement within the cryptocurrency market. ETFs, which are investment funds traded on stock exchanges, provide investors with exposure to Bitcoin without the need to directly hold the cryptocurrency. This milestone underscores the growing interest from both institutional and retail investors in Bitcoin ETFs.
Some of the most successful debuts in the ETF sector’s history include Bitcoin funds offered by BlackRock (NYSE
) and Fidelity Investments. These funds, which include BlackRock’s iShares Bitcoin Trust with over $21.4 billion in assets and Fidelity’s $12.3 billion Wise Origin Bitcoin Fund, have garnered significant attention on Wall Street. They have played a pivotal role in shifting the focus of cryptocurrency activity from Asia to the United States.
MicroStrategy, Saylor’s own company, has been notable for its aggressive accumulation of Bitcoin, currently owning 214,400 Bitcoins as of May 1, 2024.
In the past week, U.S. exchange-traded funds directly investing in Bitcoin have experienced net inflows for the 19th consecutive day, indicating a surge in demand that has contributed to the digital currency‘s new highs. On June 7, Bitcoin ETFs attracted $131 million in inflows.
Bitcoin experienced a slight decline following a report indicating increased job growth in the United States for May, alongside an unexpected rise in the unemployment rate, painting a mixed picture of the labor market. At the time of writing, Bitcoin remained relatively unchanged, with a 0.04% increase in the previous 24 hours, trading at $69,315.
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