Michael Saylor: “Over 1 Million BTC in Bitcoin ETFs”
Saylor reported that 34 spot Bitcoin ETFs collectively hold more than one million BTC. To be precise: 1,031,973 BTC. This performance demonstrates the growing appeal of Bitcoin ETFs, which allow investors to access Bitcoin without directly holding the asset themselves.
Increase in institutional interest
With successful Bitcoin ETFs managed by financial giants such as BlackRock and Fidelity Investments, the center of gravity in the crypto market is shifting from Asia to the United States. BlackRock’s iShares Bitcoin Trust has become the world’s largest Bitcoin fund, with more than $21.4 billion in assets, surpassing Grayscale’s $20.1 billion Bitcoin Trust. Fidelity’s Wise Origin Bitcoin Fund ranks third with $12.3 billion in assets.
MicroStrategy’s role & inflation narrative
MicroStrategy, led by Sayloris known for its aggressive Bitcoin accumulation strategy, with 214,400 BTC as of May 1, 2024.
In recent weeks, US Bitcoin ETFs have seen rising demand, with 19 consecutive days of net flows. On June 7 alone, 11 Bitcoin ETFs attracted $131 million in flows, propelling Bitcoin to new highs.
Conclusion
This milestone for Bitcoin ETFs highlights the growing mainstream acceptance and adoption of Bitcoin as an investment asset and portends a solid future for the crypto market.
