Bitcoin (BTC) Exchange-Traded Funds (ETFs) currently represent only a small portion of the supply of major crypto assets, according to a CoinGecko researcher.
In a new analysisLim Yu Qian notes that Bitcoin ETFs hold a total of approximately 793,034 BTC, which represents only 3.4% of the total maximum supply of BTC.
That number includes Grayscale Bitcoin Trust (GBTC). Grayscale is currently awaiting a decision from the US Securities and Exchange Commission (SEC) on an application to convert its trust into a spot BTC ETF.
Without Grayscale’s product in the mix, Bitcoin ETFs represent just 0.8% of the maximum supply of the major crypto assets, according to Yu Qian.
Explains the CoinGecko researcher:
“While ETF providers currently control only a minority supply of Bitcoin, US approval of spot Bitcoin ETFs is expected to increase investor demand. It remains to be seen whether traditional financial institutions will have outsized influence over Bitcoin in the future.”
James Seyffart, an ETF research analyst at Bloomberg Intelligence, predicts that the first spot BTC ETFs will be approved next month.
Last week, Bitwise, the world’s largest crypto index fund manager, released a commercial for a spot Bitcoin ETF, apparently in anticipation of the product’s regulatory approval. Bitwise is one of many companies that have applied to the SEC for a spot BTC ETF.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
