Bitcoin exchange-traded products (ETPs) collectively hold more than 1.47 million BTC, representing around 7% of the cryptocurrency’s capped supply of 21 million coins.
U.S.-based Bitcoin ETFs account for the bulk of these holdings, with over 1.29 million BTC spread across 11 funds as of Sunday, according to figures shared by X account HODL15Capital on Monday.
BlackRock’s iShares Bitcoin Trust (IBIT) leads the pack with 746,810 BTC, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC), which holds just under 199,500 BTC.
Global Bitcoin exchange-traded products (ETPs) accumulated over 170,000 BTC — worth about $18.7 billion — between Dec. 31, 2024, and this past Sunday.
However, demand appears to be cooling. In August, Bitcoin ETPs recorded net outflows of $301 million, while Ethereum products saw inflows of $3.95 billion, according to CoinShares data released Monday.
Bitcoin demand slows
Investor appetite for Bitcoin has weakened as whales shift billions into Ether. On Monday, one whale sold 4,000 BTC in exchange for 96,859 ETH within 12 hours, leaving them with an Ether stash valued at $3.8 billion.
Arkham Intelligence reported Wednesday that nine whales collectively booked profits on their Bitcoin holdings and rotated $456 million into ETH. The slowdown comes as September — historically Bitcoin’s weakest month — gets underway, while gold prices trend higher.
Another headwind for Bitcoin demand may be regulatory uncertainty. As many as 92 crypto-related ETFs are awaiting approval from the U.S. Securities and Exchange Commission, with decisions on high-profile Solana and XRP funds expected in October.
Pseudonymous Bitcoin analyst PlanC suggested Bitcoin’s path to $1 million could be long and uneventful:
“Instead, we just keep grinding slowly upward to $1,000,000 over the next seven years in a very boring and underwhelming way.”
Meanwhile, research firm Delphi Digital said Bitcoin could rally and then crash following a Federal Reserve interest rate cut — provided it gains momentum beforehand. If activity remains muted, the firm expects the price to stay relatively stable.
