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Since Jan. 11, 2024, twelve U.S. spot bitcoin exchange-traded funds (ETFs) have been steadily accumulating bitcoin ($BTC). This doesn’t include the hefty $BTC stash held by Grayscale’s GBTC, which has experienced a total outflow of $20 billion. Right now, these bitcoin funds hold an impressive 924,768.09 $BTC, and if they continue scooping up $BTC at their current pace, they could surpass Satoshi Nakamoto’s famous 1 million $BTC in just over a month.
U.S. Bitcoin ETFs Accumulate 4.68% of Global Supply
This handful of ETFs have certainly been busy since they launched eight months ago. Current data shows that these 12 funds now hold about 4.68% of the total 19.76 million bitcoins in circulation, amounting to a whopping 924,768.09 $BTC—valued at over $60 billion based on today’s exchange rates.
When these funds first hit the market, Grayscale’s GBTC was sitting on over 620,000 $BTC, but now it holds 220,820.34 $BTC. That’s a substantial reduction, with more than $20 billion worth of bitcoin leaving Grayscale’s trust, likely ending up in the hands of the newer spot bitcoin ETFs.
Blackrock’s ETF, IBIT, now boasts a hefty 365,310.38 $BTC—making up a solid 39.5% of the total 924,768.09 $BTC held by the 12 funds. That means IBIT alone accounts for 1.85% of all the bitcoins currently in circulation. Grayscale’s GBTC, while still significant, holds the second-largest position among these ETFs with 220,820.34 $BTC in its reserves.
The numbers reveal that GBTC commands 23.88% of all bitcoin held by the funds, which translates to 1.12% of the 19.76 million bitcoins circulating globally. Hot on Grayscale’s heels is Fidelity’s FBTC, sitting on 178,334.14 $BTC.
This gives FBTC 19.28% of the total held by all 12 funds and 0.90% of the circulating bitcoin supply. The remaining ETFs each hold under 50,000 $BTC. Leading the pack is Ark Invest and 21shares’ ARKB fund with 47,599 $BTC, followed by Bitwise’s BITB at 39,588.07 $BTC.
Not far behind is Grayscale’s Bitcoin Mini Trust, which currently manages 33,752.77 $BTC. The other ETFs hold even smaller bitcoin reserves. Vaneck’s HODL leads this group with 11,482.53 $BTC, followed by Valkyrie’s BRRR at 8,982.53 $BTC.
Invesco and Galaxy’s BTCO comes in with 7,941 $BTC, while Franklin Templeton’s EZBC manages 7,103.85 $BTC. Lower on the list, Wisdomtree’s BTCW holds 3,705.48 $BTC, and Hashdex’s DEFI wraps things up with just 148 $BTC in its portfolio.
Now it’s widely believed that Satoshi Nakamoto mined 1 million $BTC, and with 924,768.09 $BTC already in the funds, they’re closing in on this legendary figure. Since Jan. 11, Grayscale’s GBTC shed around 400,000 $BTC. Subtracting that from the total leaves 524,768.09 $BTC.
If these funds traded every day (which they don’t) over the eight-month span, they’ve been accumulating at a rate of 65,596.01 $BTC per month, or 2,154.60 $BTC daily. At this pace, the 1 million $BTC milestone could be hit in just over a month—roughly 34.8 days. Even with potential fluctuations in the trading pace and inflows or outflows, there’s still a strong chance they’ll cross that threshold sometime in 2024.
What do you think about the 12 spot bitcoin ETFs closing in on 1 million coins? Share your thoughts and opinions about this subject in the comments section below.