The spot Bitcoin ETFs have reached a significant milestone, with Michael Saylor announcing that the 34 spot BTC ETFs now collectively hold over 1 million BTC, specifically 1,031,973 BTC. This achievement underscores the growing interest of both institutional and retail investors in Bitcoin ETFs.
In the past week, U.S. ETFs recorded net inflows for the 19th consecutive day, pushing the price of Bitcoin to new highs. The digital asset saw a massive influx of $1.97 billion over the week, reflecting the heightened investor enthusiasm and confidence in Bitcoin’s long-term value.
Michael Saylor, CEO of MicroStrategy, has been a vocal advocate for Bitcoin and his company is known for its substantial BTC holdings. As of May 1, 2024, MicroStrategy held 214,400 Bitcoins, continuing its aggressive accumulation strategy.
Saylor’s announcement underscores the growing adoption of Bitcoin ETFs as mainstream investments. This milestone signifies increasing recognition of Bitcoin as a store of value and hedge against inflation. The launch of Bitcoin ETFs marks a crucial step in the cryptocurrency market’s maturation, providing easier access for investors without direct ownership risks. Regulatory approval enhances Bitcoin’s credibility, reflecting traditional finance’s willingness to integrate innovative blockchain technologies.