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⚡Bitcoin ETF Holdings Cross One Million BTC⛳

Croxroad

28 May 2024 — 4 min read

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🧑‍💼 Bitcoin ETFs Hit Historic Milestone

According to Bold.report data, all Bitcoin exchange-traded funds (ETFs) collectively hold over one million Bitcoin, a milestone first achieved on March 12. These ETFs are distributed across several countries, including the US, Sweden, Hong Kong, Germany, Switzerland, Canada, Brazil, and Australia. US-based ETFs lead the pack, with Grayscale GBTC holding roughly 292,000 BTC, followed by BlackRock IBIT with approximately 280,000 BTC, and Fidelity FBTC at 162,000 BTC. These three giants together hold approximately 734,000 BTC.

Farside data shows that May 24 marked another robust day for US Bitcoin ETFs, with inflows reaching $251.9 million. This continues a streak of ten consecutive trading days of positive inflows into US Bitcoin ETFs. BlackRock IBIT led the pack with an inflow of $182.1 million, bringing their total net inflow to $16.4 billion. Fidelity FBTC followed with a $43.7 million inflow, pushing their total net inflow to $8.7 billion. VanEck HODL also experienced significant activity, recording a $15.6 million inflow, which raised their total net inflow to $525.3 million. Grayscale GBTC reported no inflows or outflows, maintaining a net outflow of $17.6 billion.

Overall, the total net inflows into US Bitcoin ETFs have now reached $13.7 billion, according to Farside data. This impressive growth highlights the increasing investor confidence in Bitcoin as a legitimate asset class and underscores the dominant role of US-based ETFs in the global market. The sustained positive inflows suggest a robust demand for Bitcoin ETFs, with major players like BlackRock, Fidelity, and VanEck continuing to attract significant investment. As the cryptocurrency market evolves, the role of ETFs in providing accessible and regulated exposure to Bitcoin will likely become even more pivotal.

🇦🇷 Bitcoin Diplomacy

The officials discussed the growing use of cryptocurrencies in global economies and exchanged concepts on El Salvador’s Bitcoin adoption journey. Argentinian authorities are looking to work with officials in the Bitcoin-friendly El Salvador to enhance their adoption of the leading digital asset. According to an official report from the Argentinian National Securities Commission (CNV), the agency’s president and vice president, Roberto Silva and Patricia Boedo, held a meeting with Juan Reyes, the president of El Salvador’s National Digital Assets Commission (CNAD), last week to discuss the Central American country’s experience in adopting Bitcoin.

The report revealed that Silva and Boedo talked about the growing use of cryptocurrencies in global economies, exchanging concepts with Reyes about El Salvador’s journey so far. “El Salvador has emerged as one of the leading countries, not only in the use of bitcoin, but has also stood out in the world of crypto assets. We want to strengthen ties with the Republic of El Salvador and therefore, we are going to explore the possibility of signing collaboration agreements with them,” said Silva. El Salvador was the first country to recognize Bitcoin as legal tender in 2021 and has since unveiled several Bitcoin-related projects, including Bitcoin bonds, volcano-powered Bitcoin mining, and a citizenship-by-Bitcoin-investment program. As of mid-May, the country had mined 474 BTC using volcanic energy and held over 5,750 BTC. El Salvador created the CNAD specifically for overseeing and enhancing its crypto operations, and Argentina is looking to follow the same path.

The CNV vice president, Boedo, backed Silva’s remarks, saying: “I had the opportunity to exchange experiences during the visit to that country, and it seems essential to me to continue strengthening ties with a Republic that is a pioneer in the subject, and that has vast experience in the subject.” Argentina, on its part, is becoming more Bitcoin-friendly as the years go by. In November, Bitcoin proponent and far-right libertarian, Javier Milei, emerged victorious in Argentina’s presidential run-off, sparking hope for the country amidst an economic crisis and high inflation. A month later, Argentina’s minister of foreign affairs legalised the use of Bitcoin in settling legally binding contracts and making payments within the country. In addition, Argentina recently unveiled the Registry of Virtual Asset Service Providers, a regulatory body solely for the local crypto sector.

🪙 Satoshi

A satoshi is the smallest unit of Bitcoin (BTC), representing a hundred millionth of a Bitcoin (0.00000001 BTC). Named after Bitcoin's mysterious creator, Satoshi Nakamoto, a single satoshi is worth a fraction of a penny. This tiny unit allows for precise and micro-level transactions within the Bitcoin network.