Golden Finance reports that the cryptocurrency market has reached another significant milestone. According to data from the professional blockchain data analysis platform Dune, the total on-chain holdings of spot Bitcoin ETFs in the United States have strongly broken through the 1.1 million BTC mark, currently reaching approximately 1.184 million BTC. This figure is remarkable. The holding volume accounts for 5.96% of the current total supply of BTC. Estimated at the current market price, the on-chain holding value has reached approximately 125.8 billion US dollars.
Since the U.S. Securities and Exchange Commission (SEC) approved the listing and trading of spot Bitcoin ETFs in January 2024, such investment products have demonstrated strong appeal in the market. The 11 approved spot Bitcoin ETFs attracted high attention from the market on their first day of listing, with a total trading volume of nearly 4.6 billion US dollars, fully demonstrating investors’ enthusiastic pursuit of this emerging investment channel. Since then, funds have continued to flow in, driving the ETF holdings to rise steadily.
Judging from the holdings of various ETFs, the iShares Bitcoin Trust (IBIT) under BlackRock has performed particularly outstandingly. As of now, IBIT holds a large amount of Bitcoin and ranks among the top in many ETFs. Its holding scale has made a significant contribution to the total on-chain holdings of the overall US spot Bitcoin ETFs. This also reflects that BlackRock, as a globally renowned asset management company, has strong appeal and influence in the market. Its entry has injected a large amount of institutional funds into the Bitcoin market.
The movements of Wall Street financial institutions such as Goldman Sachs should not be ignored either. In the fourth quarter of 2024, Goldman Sachs significantly increased its holdings of Bitcoin ETFs, with the amount exceeding 1.5 billion US dollars. The active participation of such institutional investors not only drives capital inflows but also enhances market confidence in Bitcoin, attracting more investors to pay attention to and participate in Bitcoin ETF investments.
As the total on-chain holdings of the US spot Bitcoin ETF continue to increase, its impact on the market has become increasingly significant. On the one hand, a large amount of Bitcoin is held by ETFs, reducing the tradable supply in the market. Under the condition that demand remains unchanged or increases, it may support the price. Based on past market experience, when the circulation of Bitcoin decreases during a certain period while market demand remains stable or rises, the price of Bitcoin often experiences an upward trend. On the other hand, the continuous buying behavior of ETFs conveys positive signals to the market, attracting more investors to enter the market and further enhancing market activity and capital inflow.
Looking ahead, as the cryptocurrency market continues to develop and the regulatory environment gradually improves, it is expected that more institutional investors and funds will flow into the US spot Bitcoin ETF market. This will continue to drive the growth of the total on-chain open interest and have a more profound impact on the supply and demand structure, price trend and market pattern of the entire Bitcoin market. Market participants need to closely monitor the dynamic changes in this field, seize investment opportunities and respond reasonably to potential risks.
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