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The spot Bitcoin ETF market is seeing spectacular traction with the full worth locked has now surpassed 216,309 BTC from 9 lively issuers.

Spot Bitcoin ETF Milestones

Since the spot BTC ETF merchandise have been greenlighted by the United States Securities and Exchange Commission (SEC), there was a consistent inflow into the market as institutional traders turned as much as embrace the asset class.

According to market analyst Lark Davies, the 216,309 BTC held by 9 spot Bitcoin ETF issuers in addition to Grayscale now represents 1% of the utmost closing BTC provide. 

All 9 BTC ETFs (excluding GBTC) now maintain a complete of 216,309 $BTC.

That’s over 1% of the utmost closing BTC provide.

This takes these ETF holdings over MicroStrategy’s, which is in possession of 190K BTC.

An enormous provide shock is coming! pic.twitter.com/Sg3eQLZmHx

— Lark Davis (@TheCryptoLark) February 14, 2024

An intriguing information perception reveals that the spot BTC ETF holdings have now collectively surpassed the greater than 190,000 BTC accumulated by MicroStrategy because the enterprise intelligence and software program agency began buying Bitcoin since August 2020. 

The information introduced by Lark Davies reveals the best influx got here in on February 9 with BlackRock’s IBIT and Fidelity Investment’s FBTC taking the lion’s share of the full accrued Bitcoin. The information additionally depicts how there was a gradual rise within the respective allocation per Bitcoin underneath administration by every of the spot Bitcoin ETF issuers.

Though not depicted by the charts, BkackRock’s IBIT now has greater than $5 billion in AUM with Fidelity and Ark 21Shares’ ARKK making the highest three spot Bitcoin ETFs to cross the $1 billion milestone. The traction has additional complimented the expansion of the complete ETF, underscoring the impression of the advertising and marketing battle that ensued earlier on when the merchandise have been permitted.

Impact on Bitcoin Price

The development and the sentiment surrounding the spot Bitcoin ETF market are impacting the worth of BTC in a constructive approach. After thrilling the broader business with a break above $50,300, the primary worth stage in 3 years, the coin has now soared towards the $52,000 worth mark.

At the time of writing, Bitcoin worth is altering palms for $51,808.65 as its 24-hour development has cooled down to six.18%, sending the market capitalization to $1,017,307,814,467. Bitcoin has retained its luster with many analysts forecasting as excessive as a $200,000 worth mark earlier than the halving occasion later within the second quarter.

The Bitcoin resurgence has additionally triggered a similar run within the altcoin world underscoring the universality of the present bull market.

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Benjamin Godfrey is a blockchain fanatic and journalists who relish writing about the actual life functions of blockchain know-how and improvements to drive basic acceptance and worldwide integration of the rising know-how. His wishes to teach individuals about cryptocurrencies evokes his contributions to famend blockchain primarily based media and websites. Benjamin Godfrey is a lover of sports activities and agriculture. Follow him on Twitter, Linkedin

The introduced content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty on your private monetary loss.