Crypto ETFs Now Own 3.5% of All Bitcoins
Spot bitcoin ETFs own a combined 692,939 bitcoins, representing 3.5% of all bitcoin currently in existence.
The launch of these ETFs last month opened the floodgates for Main Street investors to conveniently purchase bitcoin through their existing brokerage accounts.
The iShares Bitcoin Trust has seen the highest inflows, reaching $4.39 billion in assets as of Monday, while the Fidelity Wise Origin Bitcoin ETF is in second place, attracting $3.67 billion in assets.
MicroStrategy Executive Chairman Michael Saylor believes the surge in capital in the asset class is due to the 10-year pent-up demand for these ETFs.
(With inputs from Shikha Singh)
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