Michael Saylor, Chairman of MicroStrategy and one of Bitcoin's most prominent proponents, highlighted an important achievement achieved by Bitcoin exchange-traded funds (ETFs).
According to his statements, spot Bitcoin ETFs manage more than 1 million Bitcoins, exactly an estimated 1,031,973 Bitcoins.
This huge number reflects a major shift in the cryptocurrency market, as ETFs have become a preferred tool for individual and institutional investors who want exposure to Bitcoin without having to hold it directly.
Remarkable success of Bitcoin ETFs:
Bitcoin ETFs managed by leading companies such as BlackRock and Fidelity Investments are among the most successful funds in this sector.
Wall Street has witnessed a large influx of investments towards these funds, which has contributed to shifting the center of gravity of the cryptocurrency market away from Asia towards the United States.
BlackRock's iShares Bitcoin Trust, with a size of more than $21.4 billion, has managed to become the largest Bitcoin fund in the world, surpassing the Grayscale Bitcoin Trust, which has a value of $20.1 billion.
The Fidelity Wise Origin Bitcoin Fund takes third place with $12.3 billion.
It is worth noting that the company “MicroStrategy” under the leadership of “Michael Saylor”, which is known for its large accumulation of Bitcoin, owns more than 214,400 Bitcoin as of May 1, 2024.
Last week, US ETFs that invest directly in Bitcoin saw positive net inflows for the 19th straight day.
These continuous inflows helped support the rise in the price of Bitcoin to new levels.
For example, on June 7, 11 Bitcoin ETFs received inflows worth $131 million.
The bottom line:
Using ETFs gives investors the opportunity to profit from the rising value of Bitcoin without having to deal with the complexities of actually holding the currency.
This in turn enhances the attractiveness of Bitcoin as a major investment asset and enhances its position in the global financial system.
Posted Using InLeo Alpha