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Bitcoin exchange-traded funds (ETFs) have swiftly captured more than 4% of the entire Bitcoin supply in under three months, a rapid accumulation following the U.S. Securities and Exchange Commission’s (SEC) approval of several spot Bitcoin ETFs and the conversion of the Grayscale Bitcoin Trust into an ETF. The latest data from IntoTheBlock’s “On-chain Insights” newsletter highlights this unprecedented absorption, marking a significant shift in the cryptocurrency landscape. The entry of Bitcoin ETFs has not only elevated Bitcoin to new all-time highs but has also amplified the demand across the crypto spectrum, making it easier for investors to dive into Bitcoin without the technical hurdles of exchanges and private key management.
Lucas Outumuro, the Head of Research at IntoTheBlock, notes the pivotal role of these financial tools in demystifying Bitcoin investments, attracting a broader base of both institutional and retail investors. With an increase of 220,000 BTC ($14.2 billion) held by large-scale investors, and 210,000 BTC directly flowing into ETFs, the market has seen a surge in holdings among addresses with at least 1,000 BTC to levels not observed since June 2022. This shift underscores the growing influence and appeal of Bitcoin ETFs in the financial market.
