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Bitcoin ETFs Holdings Surpass 1 Million BTC (1 Nakamoto) Amid Record Inflows, Price Surges Above $70,000

May 27, 2024, 11:42 AM

Bitcoin ETFs have seen significant growth, with global holdings surpassing 1 million BTC, equivalent to 1 Nakamoto. US Bitcoin ETFs added 14,917 BTC last week, while only 3,150 BTC were mined, indicating a supply shock. Since the launch of Bitcoin ETFs, 106,650 BTC have been mined, and ETFs have purchased 566,662 BTC, showing a demand five times greater than the new supply. Retail investors dominate the Bitcoin ETF market, holding approximately 85% of spot ETFs. Over the past two weeks, US Bitcoin ETFs saw over $2 billion in inflows, with BlackRock's iShares Bitcoin Trust and Fidelity's Bitcoin Trust leading the surge. Thursday saw the biggest daily haul at $305M, with BlackRock adding $720M and Fidelity adding $227M. BlackRock and Fidelity now hold a combined total of 448,072 BTC worth $31.2 billion. The price of Bitcoin has surged above $70,000, reflecting positive market sentiment.