Bitcoin exchange-traded funds (ETFs) have reached an unprecedented milestone, collectively holding over 1 million bitcoin (BTC), a significant 5% of the total circulating supply of bitcoin worldwide.

This achievement marks a major development in the market, underscoring the growing mainstream acceptance of Bitcoin as a legitimate asset class.

As of May 24, 2024, more than 30 Bitcoin ETFs together hold 1,002,343 BTC, valued at approximately $70.5 billion. The bulk of these holdings are concentrated within U.S.-based spot ETFs, which have quickly gained traction since their launch in January 2024.

Notably, the Grayscale Bitcoin Trust (GBTC) and BlackRock’s iShares Bitcoin…

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