Spot Bitcoin ETFs Now Hold 924,768 BTC, Almost Reaching 1 Million Milestone

Since their approval in January 2024, Spot Bitcoin ETFs have been steadily gaining traction in the United States, with the issuers buying

Spot Bitcoin ETFs Continue BTC Buying Spree, Holdings Now Surpass 920K

After being approved in January 2024, Spot Bitcoin ETFs have been quickly acquiring BTC.

The United States Securities and Exchange Commission (SEC) finally caved and approved a total of 12 Spot Bitcoin ETFs for trading back in January 2024. Now, only eight months later, these ETFs have managed to acquire more than 4% of the total Bitcoin supply.

Combined, this makes the Spot Bitcoin ETFs some of the largest BTC holders. Grayscale, which had a six-month head start on the ETFs, currently holds more than 350,000 BTC. Grayscale is still in second place when it comes to the number of BTC held, However, the Bitcoin fund has recorded more outflows than inflows since January, losing more than half of its stash before the Spot Bitcoin ETF approvals.

Now, Grayscale holds less than 250,000 BTC after losing more than $20 billion to other Spot Bitcoin ETFs due to their lower fees. Other Spot Bitcoin ETFs, such as the Fidelity FBTC and the Ark Invest/21Shares ARKB, have reached almost 50,000 BTC.

In total, the Spot Bitcoin ETFs now boast 4.685% of the total Bitcoin supply, with 924,768 BTC being held by the funds. This brings the total holdings of the largest Bitcoin addresses to nearly 5.2% of the available BTC, leaving the remaining 94.8% spread across smaller addresses.

Top Addresses With Largest Holdings

The top Bitcoin wallet with the largest BTC holdings still remains the Satoshi Nakamoto wallet, with 1.1 million BTC in it. However, this wallet has been long dormant, and is often left out of the top Bitcoin wallets list due to its inactivity.

According to the BitInfoCharts website, topping the Bitcoin rich list is the Binance old wallet, with 248,598 BTC, valued at more than $16.3 billion. Next is the Bitfinex Hack Recovery wallet, with 94,643 BTC ($6.2 billion), followed by the Mt Gox Hack wallet, which holds 79,957 BTC ($5.2 billion).

The wallet holding the BTC confiscated from the Silk Road bust (69,370 BTC) is in fourth position, valued at $4.56 billion, and the Binance BTCB Reserve wallet has 68,200 BTC ($4.49 billion) in it.