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ETF Giants Hold 6% of Bitcoin – But BTC at $73K Could Break Their Patience
Bitcoin has been on a tear recently, with its price surging past the $67K mark and is now sitting at around $72.9K as of press time. This impressive run-up in value has led to an unprecedented surge in institutional investment into the cryptocurrency through various exchange-traded funds (ETFs). In fact, ETF giants hold a staggering 6% of all Bitcoin in existence.
According to recent data, over 1.23 million Bitcoins are now locked in Bitcoin Spot ETFs, which is roughly 6.2% of the circulating supply. This indicates growing confidence among institutional investors in Bitcoin as a long-term allocation. However, this growth may not continue indefinitely if Bitcoin’s price were to reach $73K.
Historically, ETFs have typically seen their profits increase by around 40-50%. As we can see from recent analysis, the average cost of BTC held by these funds is approximately $73,600, acting as a significant support level during market corrections. Traditionally, conservative investors tend to take profits quickly if they reach this threshold.
While it’s difficult to predict with certainty what will happen in the future, it’s possible that ETFs may hold off on taking profits for longer if their targets aren’t met. If Bitcoin were to surpass $73K and continue its bullish momentum, we could see a more significant surge in investment from institutional investors.
Source: ambcrypto.com
