US Bitcoin ETFs have seen a significant resurgence, accumulating over 900,000 BTC as of July 17, 2024. Notably, BlackRock’s IBIT has led the charge, amassing over $1 billion in inflows over just eight trading sessions.
On Wednesday alone, these ETFs saw $53 million in total inflows, pushing Bitcoin prices above $65,000. However, Grayscale’s GBTC experienced outflows of $57 million, tempering the overall inflow momentum.
Since inception, US Bitcoin ETFs have now surpassed $16 billion in total inflows. Globally, Bitcoin ETFs have already crossed the one million BTC mark, with Canada’s Purpose Bitcoin ETF holding over 27,000 BTC and Hong Kong ETFs surpassing 5,000 BTC.
The rapid growth of institutional holdings, up 80% in Q2, suggests that the US Bitcoin ETFs could soon reach the one million BTC milestone. This trend underscores the increasing acceptance and strategic importance of Bitcoin ETFs in the financial markets.
