The global Bitcoin ETF reserve is reaching 1 million BTC, which might boost the BTC price due to the supply shock from institutional investors.
Global Bitcoin ETFs are on the verge of building a massive reserve of one million BTC, marking a historic moment in the crypto market.
The recent increase in U.S. Spot Bitcoin ETFs has led to a corresponding escalation in global ETF reserves.
Moreover, the event influx has been caused by the widespread institutional adoption of these Bitcoin investment products.
Global Bitcoin ETF Reserve Nears 1M BTC
Since their inception in January of this year, U.S. Bitcoin ETFs have accumulated 850,707 BTC, according to the most recent reports.
Despite experiencing a considerable decline from its initial reserve, Grayscale’s GBTC ETF maintains its most significant stake with 289,280 BTC.
Significantly, BlackRock’s iShares Bitcoin Trust (IBIT) reserve has increased from an initial value of 225 BTC to a remarkable 283,203 BTC.
The Ark 21Shares ETF (ARKB), which holds 48,414 BTC, and Fidelity’s Wise Bitcoin ETF (WIFE), which has 160,620 BTC, are significant contributors to the U.S. market.
In addition, noteworthy contributions have been made by minor participants, such as the Bitwise BTC ETF (BITB), VanEck Bitcoin Trust (HODL), and Valkyrie BTC ETF (BRRR).
BITB, HODL, and BRRR reserves are 36,092 BTC, 9,729 BTC, and 8,561 BTC.
Additionally, BTCO ETF by Invesco Galaxy, EZBC ETF by Franklin Templeton, and Bitcoin ETFs by WisdomTree and Hashdex contribute to the portfolio with albeit modest reserves.
BTCW, EZBC, BTCO, and DEFI reserves are 1,237 BTC, 7,245 BTC, and 178 BTC, respectively.
In international finance, Bitcoin ETPs have amassed a total of 986,769 BTC.
Outside the United States, the Purpose Bitcoin ETF from Canada holds the most Bitcoin at 27,407 BTC.
In addition, the ETC Group Physical Bitcoin Fund of Germany closely follows with 20,808 BTC.
Recently, Hong Kong Bitcoin ETFs have generated a reserve of 3,608 BTC.
Will BTC Price Rally?
This strong institutional interest is a positive indicator for the Bitcoin price trajectory.
Furthermore, the lockup of one million Bitcoin in exchange-traded funds (ETFs) may result in a supply disruption that drives up the price of BTC.
Michaël van de Poppe, a cryptocurrency analyst, concurs with this viewpoint.
While anticipating a possible retest at the $68,000 level, he also foresees an ongoing ascent.
In a post on X, he wrote, “#Bitcoin slowly consolidating. Expecting a retest at the $68K mark before a continuation upwards. The trend is clearly upwards.”
However, in light of the May 23 ETF decision deadline, Bitcoin (BTC) is presently undergoing a sideways movement as attention has shifted to Ethereum (ETH).
With a market capitalization of $1.37 trillion, the price of Bitcoin was $69,937.04 on Thursday, May 23, at the time of writing, a decrease of 0.06%.
BTC, meanwhile, has been the subject of significant long liquidations over the past twenty-four hours, totalling $14.46 million.
This sell pressure may result in a short-term decline in the price of Bitcoin.
Contrarily, Coinglass reports that open interest in Bitcoin futures increased by 0.68% to $35.26 billion.
In contrast, the Bitcoin Relative Strength Index (RSI) value has recently increased from 48 to 61.
It indicates that a sale signal may occur shortly due to the overbought condition.
Therefore, investing at this juncture may entail significant risk.
