Bitcoin exchange-traded funds (ETFs) in the United States are on the brink of reaching $110 billion in combined holdings, largely driven by the surge in Bitcoin prices past $100,000 in 2024. These ETFs now control over 5.7% of the entire Bitcoin supply. Data from Dune Analytics highlights that the US spot Bitcoin ETFs are just $2.2 billion shy of this significant milestone.
BlackRock, the world’s premier asset manager, commands the US Bitcoin ETF market, with its iShares Bitcoin Trust ETF holding more than 542,000 BTC valued at $51.5 billion. This positions BlackRock’s fund as the 34th largest globally, amidst a range of both cryptocurrency and traditional financial products.
The momentum provided by these Bitcoin ETFs has been instrumental in the cryptocurrency’s rally, contributing to about 75% of new investment inflows as it surpassed $50,000 in February 2024.
Looking ahead, Ryan Lee, the chief analyst at Bitget Research, predicts Bitcoin could potentially hit $200,000 in 2025, propelled by increasing institutional adoption facilitated by ETFs like BlackRock’s. However, Lee noted that this growth trajectory would still be subject to regulatory updates, market dynamics, and overall economic conditions.
Currently, Bitcoin must rise another 4.1% to breach the $100,000 psychological barrier, facing notable resistance at price points of $97,600 and $99,000. Surpassing $99,000 could result in the liquidation of over $1 billion in short positions, according to CoinGlass data.
