Popular trading platform and analyst TOBTC reported the development on the X (formerly Twitter) platform on Monday. According to the platform, considering the current mining rate of about 3.125 BTC per block, this massive reserve is equivalent to about two months of newly mined Bitcoin, with an inflow of more than $1.83 billion.
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The increase in ETF holdings indicates investors' growing confidence in the long-term value of Bitcoin and its ability to hedge against economic fluctuations. It also shows that BTC is becoming more widely accepted and integrated into traditional financial products, thus bridging the gap between traditional finance and the developing digital asset market.
Additionally, TOBTC noted that the purchases were the largest weekly purchases since Bitcoin hit an all-time high in March and were almost equal to the total amount of crypto assets purchased in May. Since the launch of these products in January, the 11 approved ETFs have seen net inflows of $15.69 billion, despite the large outflows from Grayscale Investment’s funds.
BlackRock Bitcoin ETF (IBIT) currently holds the largest BTC among spot BTC ETFs. To date, BlackRock, the world's largest asset manager, has raised a staggering 304,976 BTC for its exchange-traded fund, worth approximately $21 billion. 🌟小圈交刘,家:wei9809800 This huge investment demonstrates BlackRock's confidence in the long-term prospects of digital assets and the growing interest of institutions in cryptocurrencies.
Given the company’s large Bitcoin holdings, they could potentially help Bitcoin gain more attention and recognition among the public as the cryptocurrency industry grows. Additionally, with the backing of such a prominent financial company, the cryptocurrency asset appears to have a bright future.
A major focus of digital asset investment
It is worth noting that BTC has become a significant player in the entire digital asset investment product market. The inflow of digital asset investment products reached $2 billion, bringing the total inflow in the past five weeks to $4.3 billion.
Related reading: Bitcoin spot ETFs are now a major source of inflows for fund managers — here are the numbers
In addition, ETP trading volume increased to about $12.8 billion this week, up 55% from the previous week. Meanwhile, inflows reached $1.97 billion this week, with Bitcoin once again becoming the main focus.
TOBTC also highlighted that Ethereum saw its strongest week since March with $69 million in net inflows during the period. This was likely due to the unexpected decision by the U.S. Securities and Exchange Commission (SEC) to allow spot Ethereum ETFs.
