The Bitcoin ETF offered by BlackRock has accumulated more than 700,000 BTC.
This milestone was reached earlier this week by BlackRock’s Bitcoin ETF. IBIT had already accumulated 698,919 $BTC on July 3. It saw additional 1,388 net inflows last Monday, July 7. It crossed the 700,000 $BTC threshold as a result. Additionally, it represents 3.335% of the 21 million Bitcoin that will ever be in circulation.
There is an additional 550,000 Bitcoin in spot ETFs in addition to BlackRock’s 700k Bitcoin. In other words, IBIT owns about 55% of all Bitcoin ETFs held in the United States. At the moment, BlackRock owns 1.197 funds in total. BlackRock’s Bitcoin ETF became one of its top earners in a short period. At the moment, IBIT ranks third in terms of revenue generation for BlackRock. Only $9 billion separates the top slot, which is also held by insight. IBIT should be able to catch up quickly at this rate. Take a look at the image below.
In light of this, here is yet another intriguing viewpoint. The monthly mined Bitcoin is surpassed by the combined purchases of MicroStrategy and US $BTC spot ETFs. The total value of their purchases this year is $28.22 billion. Miners issued $7.85 billion in $BTC during that same period. The imminence of a Bitcoin supply shock is another obvious sign. Exchanges currently have 2.11 million bitcoin. We will no longer be in the consolidation phase once this drops below $2 million in Bitcoin, according to MartyParty on X. This might then lead to a Bitcoin rise.
The SEC Adopts a New stance
The SEC is setting itself up for a new chapter with regard to ETFs, which is equally intriguing. It is investigating novel approaches to expedite the approval of new crypto ETFs. Currently, the 19b-4 filing is the first step in the US ETF application process. The SEC may be able to skip this stage with the new organization. Rather, they will just have to submit the S-1 form.
It takes a long time to complete the 19b-4 filing process. The waiting period is shortened to 75 days by simply requiring an S-1 form. Issuers can list an ETF on an exchange as long as the SEC doesn’t object to the filing. For ETF issuers situated in the US, these are fantastic advancements.
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