The total BTC holdings of U.S. spot Bitcoin ETFs are nearing the significant milestone of 1 million BTC. This puts these ETFs on the verge of surpassing Satoshi Nakamoto’s 1.1 million BTC stash. Due to this increase in institutional influx into BTC, analysts are optimistic on a BTC price rally being imminent.
U.S. Spot Bitcoin ETFs Near 1M BTC Mark
As of October 23, 2024, U.S. Bitcoin ETFs held 967,793 BTC, rapidly closing in on the historic number of 1 million BTC. Shaun Edmondson, Operations Manager at Gavin Edmondson Solicitors Ltd, highlighted this feat in a post on X.
He noted, “Yet another big day for Blackrock’s spot #Bitcoin ETF – now almost through 400,000 BTC under management.” Moreover, he pointed to a “liquidation heatmap showing strong potential upside” and encouraged people to “get some” Bitcoin while they still can.
Bloomberg’s Senior ETF Analyst, Eric Balchunas, responded to Edmondson’s post, offering more context on the ETF surge. “Not yet 10 months old and the ETFs are 97% of the way to holding 1 million BTC, and 87% of the way to passing Satoshi as biggest,” Balchunas wrote. He also mentioned that he would discuss this trend at the upcoming Plan B conference in Lugano.
BTC Price Rally Soon?
The increasing dominance of U.S. Bitcoin ETFs could have significant implications for BTC price. As these funds continue to absorb Bitcoin, supply constraints might emerge, creating upward pressure on the price. With market participants closely monitoring ETF holdings and Bitcoin’s total supply, analysts anticipate a potential price rally as institutional demand grows.
As Edmondson noted, the liquidation heatmap suggests a bullish outlook. According to Coinglass data, if BTC price reclaims $68,089.74, $40.79 million shorts will be liquidated. This indeed will lead to a rise in Bitcoin price as short traders would buy back their leveraged positions to avoid losses.
At press time, BTC price gained 2.41% to $67,640.31 on Thursday, October 24.
Also Read: Bitcoin Capital Gains Tax Set to Rise to 42% in Italy’s 2025 Budget
Source: https://www.cryptonewsz.com/us-bitcoin-etf-reserve-1m-btc-price-rally/