A new report by CryptoQuant reveals that Bitcoin spot ETFs now hold a combined 1.23 million BTC, representing approximately 6.2% of the total circulating supply of 19.88 million coins.
This sizable accumulation by institutional funds is creating mounting supply-side pressure on the broader market.
Among ETF issuers, BlackRock leads by a wide margin with 692,876 BTC under management, reinforcing its position as the dominant institutional force in Bitcoin exposure.
According to CryptoQuant, the average entry price of ETF-held Bitcoin (excluding GBTC) is around $73,600. This level now serves as a critical technical and psychological support, especially in the event of a sharp correction.
The report also highlights the ETF MVRV ratio, currently at 1.43, signaling modest profitability for institutional holders. For context, historical Bitcoin tops typically form around an MVRV of 3.7, suggesting the market may still have significant upside potential.
CryptoQuant notes that ETF investors — largely traditional and risk-averse institutions — are unlikely to behave like retail speculators. Many may opt to secure profits well before typical cycle peaks, with 50%-75% returns often viewed as sufficient in traditional portfolio terms.
With over 6% of Bitcoin’s supply locked in ETF structures, the market is entering a new phase of supply constraint and institutional dominance. However, with many ETFs near breakeven based on current prices, the $73K level has become a crucial marker for trend stability.
CryptoQuant concludes that while sentiment remains bullish, ETF MVRV metrics must be watched closely to detect early signs of institutional profit-taking or positioning shifts.
