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Michael Saylor Celebrates Bitcoin ETF Reserve Hitting 1M BTC

Michael Saylor Celebrates Bitcoin ETF Reserve Hitting 1M BTC

Michael Saylor, CEO of MicroStrategy, celebrated a significant accomplishment in the Bitcoin ETF space on social media. He emphasized that 32 Bitcoin ETPs currently have more than 1 Nakamoto in reserve, indicating that more than 1 million BTC have been accumulated since the funds’ founding. To top it off, the most significant contributors to this increase in Bitcoin’s reserve were ETFs with US bases.

CEO of MicroStrategy On Rising Inflows Into Bitcoin ETFs

Saylor declared, “32 #Bitcoin Spot ETFs now hold ~1 Nakamoto of $BTC,” in a post on X. This emphasizes the Bitcoin ETFs’ exponential growth and total BTC reserves. With an incredible boom, the global Bitcoin ETF ecosystem has amassed a massive reserve of over one million BTC.

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Additionally, the institutional use of Bitcoin ETFs is increasing simultaneously with this milestone. Before the start of trading for US Spot Bitcoin ETFs on Monday, May 27, it was announced that global reserves for Bitcoin ETPs had crossed the incredible one million BTC threshold.

Since its launch in January of the same year, Bitcoin ETFs have witnessed significant accumulation in the US. Grayscale’s GBTC ETF is in the lead and has the most stake at 289,040 BTC, even though its reserve has decreased significantly. Additionally, the iShares Bitcoin Trust (IBIT) managed by BlackRock has grown remarkably. It increased its reserve from a meager 225 BTC at the start to an astounding 287,168 BTC.

The Ark 21Shares ETF (ARKB), with 48,503 BTC, and Fidelity’s Wise Bitcoin ETF, with 161,538 BTC, are two more notable participants in the US market. More minor participants, such as the Valkyrie BTC ETF (BRRR), VanEck Bitcoin Trust (HODL), and Bitwise BTC ETF (BITB), have also made notable contributions to the total reserve.

Together, Bitcoin ETPs have earned 1,002,343 BTC internationally, enhancing Bitcoin’s standing as a worldwide asset for investors. With 27,110 BTC, Canada’s Purpose Bitcoin ETF is the leading Bitcoin ETF outside of the US. Additionally, at 21,005 BTC, Germany’s ETC Group Physical Bitcoin Fund is closely behind it. Additionally, the recent introduction of Bitcoin ETFs in Hong Kong has added to the global reserve by accumulating a sizeable quantity of 3,553 BTC.

Effect on the Price of Bitcoin

Significant institutional interest may indicate a positive direction for the price of Bitcoin in the future. Given that one million Bitcoin is invested in these ETFs, a supply shortage may also arise since the Bitcoin exchange reserve has also been falling to all-time lows. But at the moment, the price of Bitcoin is struggling with a downward trend.

Furthermore, cryptocurrency analyst Michaël van de Poppe hypothesized that Bitcoin gradually consolidates between $60,748 and $66,000. “We’re Losing $66K, and I think we’ll test the range low and be buying there again,” the speaker continued. That’s the point at which you should prepare your purchases.

However, a retest may be averted if the price of Bitcoin holds above $66,000. Furthermore, the strong ETF inflows may serve as a catalyst for a resurgence in the price of Bitcoin. On Monday, May 27, at the time of writing, the price of Bitcoin was down 0.38% to $68,872.22.

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