Bitcoin
Spot Bitcoin ETFs Issuer Holdings Surge Past 900,000 BTC Amid Massive July Accumulation
Spot Bitcoin ETFs have achieved yet another milestone, recording a total of 900,000 BTC since its launch. This historic milestone occurs amidst the substantial wave of BTC accumulation in July.
Spot Bitcoin ETFs Holdings Surpass 900,000 BTC
Spot Bitcoin ETFs have accomplished an unprecedented feat, as the United States BTC ETF holdings have now surpassed a staggering 900,000 BTC valued at more than $60 billion. Nate Geraci, President of the ETF Store revealed in a recent X (formerly Twitter) post that the US Spot Bitcoin ETFs recent 900,000 BTC milestone represents about 4.3% of BTC’S total supply of 21 million BTC in the market. Additionally, this massive BTC holding accounts for 82% of the nearly 1.1 million BTC held by global BTC ETFs.
According to market data from Farside Investors, a London-based investment management company, Spot Bitcoin ETFs have witnessed a major increase in inflows, reflecting a surge in demand for the digital asset. In less than two weeks, Spot Bitcoin ETFs witnessed approximately $2.38 billion in net inflows. This substantial increase has effectively propelled its total net inflows to $17 billion since its launch on January 11, 2024.
Farside Investors data also revealed that Spot Bitcoin ETFs have seen 11 days of consecutive inflows. The highest inflow recorded within this time frame was about $383.6 million on July 19. At the time, BlackRock’s iShares Bitcoin Trust (IBIT) led with an impressive inflow of $116.2 million. Over the past two weeks, BlackRock has also attracted the highest amount of inflows, followed by Fidelity Wise Origin Bitcoin Fund (FBTC).
As a key contributor to the 900,000 BTC milestone achieved by the US Spot Bitcoin ETFs, the Assets Under Management (AuM) of BlackRock’s IBIT now manages approximately 325,449 BTC, valued at about $21 billion. This significant BTC holding highlights BlackRock’s rapid success, with its Spot BTC ETF achieving a multi-billion dollar status in less than six months.
BTC Accumulation Grows In July
Amidst the 900,000 surge in the US Spot Bitcoin ETFs holdings, BTC has seen a significant spike in accumulation. This growth is likely driven by the recent shift in BTC’S bearish trend, possibly sparking an increase in investors’ demand for the cryptocurrency. According to reports from a crypto analyst identified as ‘Crypto Capex,’ on X, BTC accumulation into Spot Bitcoin ETFs has intensified significantly in July, while the availability of BTC on exchanges continues to dwindle.
Glassnode has also disclosed a notable increase in the BTC accumulation trend, which surged from 0.05 on June 1 to 0.44 by July 10. Based on the data, the number of BTC whales holding at least 1,000 BTC rose from 1,640 on July 1 to 1,643 on July 10. This move highlights the growing demand for BTC in July.
Featured image created with Dall.E, chart from Tradingview.com
Bitcoin
Here’s How Binance And BlackRock Dominate The BTC Market
The cryptocurrency market has witnessed a major evolution in recent years, with centralized exchanges and now recently spot Bitcoin exchange-traded funds (ETFs) playing a crucial role in driving adoption.
Among the participants helping to boost crypto adoption, the two key players leading this charge are Binance, the world’s largest cryptocurrency exchange, and BlackRock, with its spot Bitcoin ETF known as IBIT, according to the latest insight shared by a CryptoQuant analyst.
The analyst reveals their influence extends across trading volumes and institutional investment, making them central figures in the current Bitcoin market.
Market Share And Institutional Presence
The CryptoQuant analyst Crazzyblockk highlighted Binance and BlackRock’s pivotal roles in a post on the CryptoQuant QuickTake platform.
According to Crazzyblockk, the emergence of spot Bitcoin ETFs, which began operations in January 2024, has further solidified Bitcoin’s role in mainstream finance.
Among these, Binance stands out due to its dominance in spot BTC trading volume and vast BTC reserves, holding 623,000 BTC out of the 3.15 million BTC collectively held across all centralized exchanges.
In comparison, BlackRock’s IBIT ETF has become a leader in the ETF space, holding 434,000 BTC of 1 million BTC across all spot ETFs.
Furthermore, the CryptoQuant analyst noted that in terms of market share, Binance accounts for approximately 19.7% of the BTC reserves held across all exchanges, establishing its stronghold as a central player in global Bitcoin trading.
Meanwhile, BlackRock’s spot BTC ETF, trading under the ticker IBIT, has also emerged as a key institutional player. Holding over 43.4% of the total Bitcoin reserves across all spot ETFs, BlackRock’s presence signifies the growing institutional demand for Bitcoin exposure through regulated financial products.
Bitcoin Market Performance
Along with Binance and BlackRock’s role in the Bitcoin market, the asset has installed hope and confidence back into investors following its recent price performance.
So far, BTC has surged by more than 20% in the past two weeks and over 10% in the past 7 days bringing its price above $75,000. Particularly, the asset trades for $75,700, at the time of writing up by 1.8% in the past day.
This current market price marks a mere 0.7% decrease from its all-time high of $76,243 created yesterday. Interestingly, despite the asset still seeing a continuous uptick in price as of today, BTC’s daily trading volume appears to have cooled off.
Data from CoinGecko shows that this metric of BTC has seen a notable decline from more than $130 billion as of November 6 to a valuation below $70 billion as of today.
Featured image created with DALL-E, Chart from TradingView
Bitcoin
Bitcoin Surpasses Silver, Claiming 8th Largest Global Asset Title With $1.76T Valuation
The unstoppable price run of Bitcoin, which started a day after the US presidential elections, is creating a ripple effect in the economy. There’s been a massive jump in value recently, with Bitcoin topping $89k earlier today, showing a 27% increase from the previous week. Then, there are record inflows into Bitcoin ETFs, pushing funds to break some records. This price action also reshaped the list of the world’s biggest assets through market capitalization.
#Bitcoin flips Silver! Now the 8th largest asset by market cap.🚀 pic.twitter.com/RAPCJd5gd2
— MEXC (@MEXC_Official) November 12, 2024
Based on the updated list of top assets, Bitcoin is now ranked 8th on the list of the “Top 10 Largest Assets by Market Cap”, with a total market value of $1.756 trillion, slightly ahead of silver, valued at $1.736 trillion. This is the second time the digital asset has edged out silver in the rankings, driven by a bullish sentiment on Bitcoin ETFs and blockchain in general.
Bitcoin breaking into the top world assets is a testament to the growing public acceptance of the crypto asset and its role as an alternative to traditional assets like gold.
Bitcoin’s Market Value Grows As Price Tops $89k
Bitcoin continues its surprising rally this week, testing another all-time high at $89k. On Tuesday, Nov. 12th, the digital asset surged beyond $89,0000, reflecting an 11.3% increase, while silver dipped by 2%, allowing Bitcoin to notch the 8th spot in the list.
With this latest price action, Bitcoin now trails Saudi Aramco, which is ranked 7th. Amazon, Google, Microsoft, Apple, Nvidia, and gold round out the Top 10. Gold remains the world’s top asset, with a market cap valued at $17.667 trillion, dwarfing Nvidia and Apple by around $3 trillion each.
BTC registers a new ATH. Source: Bitstamp
A Milestone Worth Celebrating
According to The Kobessi Letter, Bitcoin’s current market value and recent price action reflect the digital asset’s potential. The commentary further reacted that gold’s value, which is 10x bigger than BTC, is incredible. However, it also sees the potential of the top digital asset to grow even bigger.
BTCUSD trading at $87,604 on the daily chart: TradingView.com
Bitcoin has consistently increased in price recently, partly driven by Trump’s convincing election victory. Trump has a friendly approach to the crypto community. With the Republicans capturing both houses in the last voting, it will be easier for the incoming president to pursue his crypto-friendly policies.
Big Volumes And Bullish Sentiment From Institutional Investors
Aside from the “Trump Effect,” Bitcoin is also rallying thanks to bullish sentiment from institutional investors. Many financial institutions are integrating BTC and cryptos into their portfolios, boosting the digital assets’ prices. For example, Bloomberg senior analyst Eric Balchunas noted a solid increase in volume for Bitcoin ETFs trading, with iShares Bitcoin Trust (IBIT) enjoying a $4.5 billion trading volume yesterday.
MicroStrategy is another company that’s benefitting from the Bitcoin rush. Michael Saylor’s MicroStrategy holds the biggest Bitcoin-based portfolio, with its shares currently trading at $340. On Monday, the company announced that it had purchased 27,200 BTC, boosting its total to 279,420.
Featured image from Siam Bitcoin, chart from TradingView
Bitcoin
US Could Soon Pass National Bitcoin Reserve Bill
US Senator Cynthia Lummis remains optimistic that her national Bitcoin reserve bill proposal could pass within the first 100 days of Donald Trump’s second term.
On November 11, Lummis posted on X, expressing confidence that bipartisan support could propel the bill forward if public support grows. She argued that this legislation would enhance the US financial system and reinforce the country’s leadership in Bitcoin.
Senator Cynthia Lummis Seeks Support for National Bitcoin Reserve Plan
Lummis introduced the Bitcoin Reserve bill in July, intending to use funds from the Federal Reserve and Treasury to acquire one million bitcoins. This amount would make the United States the largest government Bitcoin holder, representing about 5% of the network’s supply — similar to the US gold reserve stake.
“We can get this done with bipartisan support in the first 100 days IF we have the support of the people. It is a game changer for the solvency of our nation. Let’s put America on sound financial footing and pass the Bitcoin Act,” Lummis said on X.
The legislation also aims to establish a Bitcoin reserve and secure property rights over Bitcoin ownership and custody. It proposes a decentralized network of secure vaults under Treasury Department oversight, ensuring top-tier asset protection.
Although the bill previously stalled in the Senate, advocates believe it has a better chance now, with Trump favorably inclined toward it.
“The Bitcoin and Crypto industry’s policy wishlist is long and pressing… but the Strategic Bitcoin Reserve is the #1 most urgent and transformational policy on President Trump’s agenda. The downstream effects change everything. We must get it done in the first 100 days,” David Bailey remarked on X.
Despite this enthusiasm, the bill would still need to go through the full legislative process, including approvals from the Senate and House, before reaching the president for final authorization.
The concept of a national Bitcoin reserve bill has already drawn bipartisan interest. Democratic Representative Ro Khanna recently voiced support on a podcast, highlighting Bitcoin’s growth potential.
“We want to make sure that we have openness to having Bitcoin as part of the Federal Reserve and as a reserve asset because of its potential for appreciation and its potential to allow America to set financial standards,” Khanna said.
Additionally, Matthew Sigel, Head of Digital Assets Research at VanEck, pointed out that a national Bitcoin reserve could strengthen US influence in areas such as energy production, artificial intelligence, and decentralized finance. He also noted that the US could use over 200,000 BTC while mining more through public-private partnerships in frontier cities, with no capital risk involved.
Lummis and her supporters believe this proposal could strengthen the Bitcoin-backed economy and ensure America’s position at the forefront of financial innovation.
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