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  • Saturday, 15 June 2024

Bitcoin ETFs Now Hold a Collective 1 Million BTC

Hey, guess what? Michael Saylor, the guy behind MicroStrategy and a big Bitcoin fan, just pointed out something pretty cool. Bitcoin exchange-traded funds (ETFs) have hit a major milestone. These ETFs now hold more than one million BTC! To be exact, we're talking 1,031,973 BTC.

So, what's the big deal? Well, Bitcoin ETFs have become a huge thing in the crypto world. For those not in the know, ETFs are investment funds that you can buy and sell on stock exchanges, just like regular stocks. They let people invest in Bitcoin without actually owning any Bitcoin themselves. This milestone shows that both big institutions and everyday investors are really getting into Bitcoin ETFs.

Big names like BlackRock and Fidelity Investments are leading the charge here. Their Bitcoin ETFs have had some of the most successful launches ever in the ETF world, really shaking things up on Wall Street. In fact, this has shifted a lot of the cryptocurrency action from Asia over to the U.S.

BlackRock’s iShares Bitcoin Trust, which is worth more than $21.4 billion, just became the world's biggest Bitcoin fund, knocking Grayscale's $20.1 billion Bitcoin Trust off the top spot. Fidelity's Wise Origin Bitcoin Fund is also doing great, holding $12.3 billion and taking third place.

And then there's Saylor’s company, MicroStrategy. They've made a lot of noise with their aggressive Bitcoin buying strategy. As of May 1, 2024, they own a whopping 214,400 Bitcoins.

Recently, U.S. Bitcoin ETFs have been on a roll, marking net inflows for the 19th day in a row. This surge in demand has helped push Bitcoin to new heights. On June 7 alone, 11 Bitcoin ETFs pulled in a cool $131 million.

However, it hasn't all been smooth sailing. Bitcoin's price took a bit of a hit after some mixed news about U.S. job growth came out. Although there was an increase in job growth for May, the unemployment rate also went up unexpectedly, which left investors scratching their heads. Despite all this, Bitcoin's price was pretty steady, up just 0.04% in the last 24 hours, sitting at $69,315 as of now.

So, there you have it! Bitcoin ETFs are making big waves, with more and more investors jumping on board. It’ll be interesting to see how this all plays out in the crypto world.



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