Bitcoin ETFs Approach $110 Billion Threshold Amid Analyst’s Bullish Prediction of $200,000 Bitcoin Price by 2025
As the year 2024 comes to a close, US-based spot Bitcoin exchange-traded funds (ETFs) are on the cusp of achieving a significant milestone. The cumulative holdings of these ETFs have grown exponentially, reaching record-breaking heights as Bitcoin crossed the $100,000 price level.
Cumulative Holdings and Market Share
According to data from Dune, the US spot Bitcoin ETFs have accumulated holdings worth over $110 billion, which accounts for more than 5.7% of the entire Bitcoin supply. This milestone is just $2.2 billion away, a mere 2.2% of the total holdings.
Here is a breakdown of the top five Bitcoin ETF issuers by cumulative holdings and market share:
| Issuer | Cumulative Holdings (BTC) | Market Share |
| — | — | — |
| iShares Bitcoin Trust ETF (BlackRock) | 542,000 BTC | 47.9% |
| Other US-based spot Bitcoin ETFs | 598,000 BTC | 52.1% |
Dominance of BlackRock in the US Bitcoin ETF Market
BlackRock, the world’s largest asset manager, dominates the US Bitcoin ETF market with its iShares Bitcoin Trust ETF holding more than 542,000 BTC, valued at $51.5 billion. This represents a staggering 47.9% market share among all US Bitcoin ETFs.
Interestingly, BlackRock’s fund is also the 34th-largest ETF globally, including both cryptocurrency and traditional finance products, according to data from ETF Database.
Bitcoin ETFs’ Contribution to Bitcoin’s Price Rally
The surge in popularity of Bitcoin ETFs has been a significant contributor to the cryptocurrency’s price rally. The US spot ETFs accounted for approximately 75% of new investment in Bitcoin, pushing its price past the $50,000 mark by February 15, 2024.
Potential Impact on Institutional Adoption and Price Prediction
According to Ryan Lee, chief analyst at Bitget Research, BlackRock’s Bitcoin ETF is poised to bring more institutional adoption in 2025 thanks to simplifying access for large investors. This could propel Bitcoin to $200,000 during 2025, according to the analyst.
"Long-term projections suggest sustained growth, with some forecasts placing Bitcoin’s value at $200,000 by 2025," Lee said in an interview with Cointelegraph. "However, the trajectory will be influenced by regulatory developments, market dynamics, and broader economic conditions."
Resistance Levels and Potential Rally
Bitcoin still needs to gain another 4.1% to recover above the $100,000 psychological mark. However, its price faces significant resistance at $97,600 and $99,000. A potential rally above $99,000 would liquidate over $1 billion worth of leveraged short positions, according to CoinGlass data.
Conclusion
The growth of US-based spot Bitcoin ETFs is a testament to the increasing acceptance and adoption of cryptocurrencies by institutional investors. As these funds continue to accumulate holdings, they are likely to have a significant impact on Bitcoin’s price in the coming months. However, it remains to be seen whether the cryptocurrency can overcome the resistance levels and reach new heights.
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