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ETFs Now Hold 638,900 Bitcoin Worth $26.8 Billion: Analysts Expect Bullish Breakout

2 mins
Updated by Bary Rahma
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In Brief

  • Bitcoin ETFs (exchange-traded funds) in the United States currently hold over 638,900 BTC, worth nearly $27 billion.
  • Grayscale's GBTC leads in holdings with 566,973 BTC valued at over $23 billion, but has experienced notable outflows.
  • Analysts anticipate a potential reversal in Bitcoin's price performance following the ETFs launch, citing bullish signals.
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Newly launched Bitcoin ETFs (exchange-traded funds) in the United States have amassed a significant portion of BTC.

Indeed, the swift accumulation rate underscores the growing influence of these ETFs in the US, providing investors with new avenues for exposure to the world’s flagship cryptocurrency.

Bitcoin ETF Holdings

Data from CryptoQuant shows that the combined holdings of the Bitcoin ETFs in the US now exceed 638,900 BTC, equating to around $26.8 billion.

Grayscale’s Bitcoin Trust, GBTC, is leading the pack, boasting 566,973 BTC valued at over $23 billion. However, since its launch, the financial product has experienced notable outflows, shedding approximately $5.5 billion in assets. Observers attribute these outflows to bankrupt FTX and investors capitalizing on prior arbitrage opportunities.

“The more we think about it and talk to people, prob only a small minority of the GBTC outflows are likely going to the nine right now, as much of it was FTX and traders who earned discounts. Also, the proportionality of the flows to the size of the firm is almost perfect, indicating flows due to reach/distribution/hustle,” senior ETF Analyst at Bloomberg Eric Balchunas said.

Read more: What Is a Bitcoin ETF?

In contrast, the recently introduced ETFs demonstrate an intriguing trend in Bitcoin accumulation. BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Trust (FBTC) have acquired over 20,000 BTC, respectively. This has propelled their assets under management to surpass $1 billion within the first six trading days.

Balchunas also spotlighted BlackRock’s ETF performance. He noted that IBIT has entered the top 15% of all ETFs by assets and ranks in the top 2% when measured by daily volume. Moreover, ETF issuers, including Bitwise, ARK 21 Shares, Invesco/Galaxy, Valkyrie, VanEck, Franklin Templeton, and WisdomTree, collectively hold a balance of around 23,000 BTC.

List of Bitcoin ETF Issuers in the US and Their BTC Holdings:

TickerIssuerBitcoin Holdings
GBTCGrayscale566,973.41
IBITBlackRock28,622.13
FBTCFidelity20,466
BITBBitwise8,294
ARKBArk/21 Shares7,565
HODLVanEck2,150.07
BTCOInvesco/Galaxy1,871
BRRRValkyrie1,737.23
EZBCFranklin Templeton1,160
BTCWWisdomTree111
Bitcoin ETF Holdings. Source: CryptoQuant

BTC Price Prediction

Since the ETF launches, Bitcoin’s price performance has shown relative restraint. Analysts, however, foresee a potential reversal of this trend, anticipating improved market conditions and diminished selling pressure from GBTC.

Santiment, a leading blockchain analytical firm, highlighted bullish signals on Bitcoin’s Relative Strength Index (RSI) and MVRV. The firm observed these signals as the cryptocurrency surged beyond the $42,000 threshold on January 19.

Also, a technical analyst under the pseudonym CryptoCon added to the optimistic outlook. Based on his analysis, Bitcoin could reach $130,000 by late 2025.

“By the Halving Cycles Theory date of +/- 21 days from November 28th, 2025, here are the prices of the top 3 bands: Layer 7: 180k. Layer 6: 130k. Layer 5: 94k. The layer 6 price of 130k lines up with around 5 other price experiments that I have performed for the cycle top,” the analyst explained.

Read more: Bitcoin Price Prediction 2024/2025/2030

Bitcoin Price Performance
Bitcoin Price Performance. Source: The Bitcoin Data Newsletter

However, the analyst noted that history suggests Bitcoin could reach $180,000 instead, a more conservative approach is advisable due to the potential failure of these pricing models.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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