Bitcoin Spot ETF transaction volume has increased significantly, successfully pushing Bitcoin to a new all time high near the Bitcoin Halving.
The price of Bitcoin has increased to around $72,000 to its new all time high, breaking stigmas that the asset will only increase to a new high after its halving has occurred.
At the same time, the amount of Bitcoin being held by Bitcoin Spot ETF issuers has increased significantly, reaching $57 Billion in Asset Under Management or AUM.
Bitcoin Spot ETF AUM Skyrockets
According to data from Dune Analytics, the Bitcoin Spot ETF’s AUM currently stands at around $57.2 Billion cumulatively from all the issuers.
This is a huge accomplishment considering it has not even been a year since its launch and it already attracted a lot of money into it.
The amount of AUM is represented in Dollar value, as it comes from the amount of buying transactions being done by institutional investors that want to buy Bitcoin but cannot, as they are hindered by regulations.
So, in order to buy Bitcoin they can only buy it from issuers in the form of a BItcoin Spot ETF using the US Dollar, which is why all of these transactions are recorded in Dollar value.
But, keep in mind that, when an institutional investor buys a share of the Bitcoin Spot ETF, the issuer itself needs to buy Bitcoin in the same amount.
So when there is $57.2 Billion of AUM, it means that overall, all the issuers are currently holding on to $57.2 Billion worth of Bitcoin on chain.
This represents around 4% of the overall supply, which is why their influence is currently huge in the crypto market, and they may capitalize it to their advantage.
BlackRock Leading The Pack
The largest holder of the Bitcoin Spot ETF is still currently being held by Grayscale, but it doesn’t seem fair to compare it to the other issuers.
This is because Grayscale got a head start, where they sold GBTC shares earlier, which is an Exchange Traded Product or ETP that was issued by them in 2013.
But it then got changed to an ETF after The SEC or Securities and Exchange Commission, the government body that oversees the financial industry in The US, approved to change their assets status.
Looking at all the issuers that have just issued the ETF without having a prior asset before it, BlackRock seems to be leading the pack with 191,132 BTC in their AUM.
This is close in comparison to the largest holder of Bitcoin in the crypto space, which is MicroStrategy.
Currently MicroStrategy has 193,000 BTC on their portfolio, but BlackRock has surpassed it briefly with 195,000 BTC but has now come down again to around 191,000 BTC.
BlackRock seems to have been more undisclosed according to speculations around the crypto space, which makes it a huge influence in the market.
But, if their holding is much bigger, it is no surprise, considering its influence in almost every sector in the world.
It has a total AUM of $8 Trillion to $10 Trillion which is larger than most countries’s GDP, just below China, US, and UK.
BlackRock is closely followed by Fidelity, which has around 122,952 of BTC in their portfolio from Bitcoin Spot ETF issuing activities.
Overall the impact of institutions are still huge in the crypto space, which is why it is good to keep an eye on them especially nearing the Bitcoin Halving, where things might start to change.
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