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US Bitcoin ETFs Now Own So Much BTC That They’re Pretty Sure Someone Will Figure Out What to Do With It Eventually

An illustration of a large pile of coins with dollar signs rising from it into the sky as they grow bigger and merge together forming clouds that resemble Bitcoin logos while below them smaller coins continue to fall onto the ground creating an overflowing pool. The background is dark blue representing night time or space. In the foreground, various shapes resembling ETF symbols are scattered around the pile of coins with some being larger than others indicating their relative size in holding BTC.

Well well well! Look who’s getting all excited about some ETFs hoarding up nearly 1 million BTC – it seems like everyone wants to join the crypto party these days (and by ‘everyone’, I mean institutions trying not to get left behind)! Meanwhile, we’re still waiting for someone to explain what exactly this means in terms of actual value creation. Don’t worry; I’m sure those clever folks at Blackrock and Fidelity will figure it out… or maybe they’ll just keep on buying up all the coins until there’s nothing left but a bunch of worthless numbers floating around.

Source: bitcoin.com

According to the latest data collected on Aug. 16, 2024, the 12 spot bitcoin exchange-traded funds (ETFs) collectively hold around 910,153.83 BTC, which translates to over $53 billion at the current exchange rates. Leading the pack is Blackrock’s IBIT, holding the largest portion with 38.34% of the total BTC. The 12 U.S. bitcoin ETFs have scooped up a substantial portion of the circulating BTC, absorbing hundreds of thousands of coins […]

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