U.S. Bitcoin spot ETFs have reached a historic milestone. As of August 17, 2025, these funds collectively hold 1.25 million BTC — the highest level ever recorded — marking a decisive vote of confidence from institutional investors.
BlackRock’s IBIT Leads the Charge
BlackRock’s iShares Bitcoin Trust (IBIT) now commands 748,968 BTC, representing 59.9% of all Bitcoin in U.S. spot ETFs. Its relentless accumulation, paired with Fidelity’s FBTC at 199,798 BTC, accounts for over 75% of total ETF-held Bitcoin. This two-player dominance has powered the market to its latest peak.
The Old Guard Reshaped
Grayscale’s GBTC, once the sole giant with over 620,000 BTC, now holds just 180,576 BTC. While still a significant player, it has been decisively overtaken by the new titans of Wall Street. The conversation has shifted—from tracking GBTC’s outflows to watching a fierce accumulation race at the top.
The era of a single dominant fund is over. In its place, a new power structure has emerged — led by BlackRock and Fidelity — that is defining the institutional face of Bitcoin.
Written by CryptoOnchain
