The holdings of U.S. spot Bitcoin exchange-traded funds (ETFs) are on track to surpass one million tokens after just ten months of trading. Currently, these ETFs hold approximately 967,459 Bitcoin (BTC), a figure poised to cross the one million mark within the next few weeks, driven by significant inflows as Bitcoin rallies in the lead-up to the U.S. presidential election.
Since their launch on January 11 of this year, the ETFs have seen a surge in popularity, particularly in recent weeks as Bitcoin approaches a three-month high near $68,000. The funds experienced their largest single-day inflow since early June on October 14, attracting over $555 million. Overall, the ETFs added $2.1 billion in assets last week, marking their strongest performance since March.
The current leader in Bitcoin holdings is Satoshi Nakamoto, who possesses 1.1 million tokens, according to Blockchain.web. Following Nakamoto, Binance ranks second with 636,000 BTC as of October 1, as detailed in its Proof of Reserves. It is important to note that the majority of Binance’s holdings are likely owned by its customers rather than the exchange itself.
In third place is BlackRock’s iShares Bitcoin Trust (IBIT), which manages 396,922 BTC on behalf of its clients. Interest in these ETFs had previously waned during months of stagnant or declining prices but has recently picked up alongside Bitcoin’s resurgence.
Several factors may be contributing to Bitcoin’s rally, including the perceived increased likelihood of crypto-friendly candidate Donald Trump winning the U.S. presidential election in November.
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