Bitcoin Exchange Traded Products (ETP) now has more than 1.47 million bit coins, which is 7 % of the maximum cryptocurrency supply of 21 million coins.
According to joint data from the X -Account Hood L -15 Capital on Monday, Exchange Trade Funds based in the United States for BitCoin (BTC) have received the largest share, their holdings are more than 1.29 million BTCs in all 11 funds by Sunday.
Blackrock’s Esarus BitCoin Trust ETF (IBIT) placed 746,810 BTCs in most any funds, while the sincere Wayjan BitCoin Fund (FBTC) was the second largest under the 199,500 BTC.
Global Butt Coin ETPs added more than 170,000 BTCs between December 31, 2024 and Sunday, worth about $ 18.7 billion.
Coin shares report on Monday, the demand for Bitcoin ETPs is slowing down, as global bitcoin ETPs have seen a net emission of 1 301 million in the month of August, while Ethereum Funds attracted $ 95 billion in the same period.
Bitcoin demand slows down
Bitcoin’s demand is slowing down as Crypto whales rotate billions of dollars in Ether (ETH).
On Monday, a bitcoin wheel sold 4,000 BTC to 96,859 Ether in 12 hours. The whale now has a $ 3.8 billion worth.
Blockchain Data Platform Arkham reported on Wednesday that nine whales collectively profits in Bitcoin and has wandered in ETH, buying $ 456 million.
Related: US ETFS Now a major source of BitCoin spot trading volume: Crypto Quant
Bitcoin misery comes at a time when September has historically been the weakest month for asset, while gold is high.
Another factor that is potentially causing investors to stop batting on Bitcoin is that with some highly anticipated funds from Solan (Civil) and XRP (XRP), due to regulators’ decision in October, the US Securities and Exchange is released from 92 -related commissions.
Bitcoin’s Million Million may face obstacles in the route to 1 million, said Planck, a pseudonym Bitcoin analyst.
“Instead, we are gradually grinding up to $ 1,000,000 in the next seven years in a very boring and poor manner.”
Research firm Delphi Digital said that the Bitcoin rally and then a crash could be done after the Federal Reserve Rewards reduced interest rates, provided the asset price was already increased. Delphi added that if he does not achieve much activity until the feed rate deduction, the price of bitcoin will remain stable.
Magazine: XRP ‘Cycle Target’ is $ 20, Strategy BitCoin’s Case Reject: Haller Digest, August 24 – 30
