Bitcoin ETPs Reach Significant Holdings Amid Slowing Demand
- Bitcoin exchange-traded products (ETPs) now hold over 1.47 million Bitcoin, representing about 7% of the total supply.
- US-based exchange-traded funds have accumulated more than 1.29 million BTC across all funds as of August 31.
- Global Bitcoin ETPs added over 170,000 BTC worth approximately $18.7 billion from December to August.
- Recent sales by Bitcoin whales indicate a shift to Ethereum, with one whale trading 4,000 BTC for nearly $4 billion in ETH.
- Currently, there are about 92 crypto-related ETFs pending approval from the US Securities and Exchange Commission.
The current slowdown in Bitcoin demand coincides with historical trends showing September as a weak month for the asset, while interest shifts toward Ethereum may influence market dynamics further.
As of now, Bitcoin ETPs account for a significant portion of the total supply at over one million coins held by US funds alone, highlighting their growing role in the cryptocurrency market.
