MicroStrategy CEO Michael Saylor recently shared his excitement on social media about a significant achievement in the Bitcoin ETF space. He highlighted that 32 Bitcoin Exchange-Traded Products (ETPs) now collectively hold over 1 million BTC in reserve, marking a substantial milestone in the cryptocurrency world. Notably, US-based ETFs have played a significant role in this surge of BTC reserves.

Saylor's Enthusiasm for Bitcoin ETF Inflows

In a post on social media, Saylor expressed, "32 #Bitcoin Spot ETFs now hold ~1 Nakamoto of $BTC." This showcases the rapid growth of Bitcoin ETFs and the accumulation of BTC reserves within the global ETF ecosystem, reaching an impressive milestone of over one million BTC.

This achievement comes at a time when institutional interest in Bitcoin ETFs is on the rise. Prior to the trading commencement on a specific date, it was reported that global Bitcoin ETP reserves had surpassed the notable milestone of one million BTC.

In the US market, Bitcoin ETFs have seen significant accumulation since their introduction earlier in the year. Leading the way is Grayscale's GBTC ETF, holding the largest share at 289,040 BTC, despite a reduction from its initial reserve. Additionally, BlackRock's iShares Bitcoin Trust (IBIT) has shown substantial growth, expanding its reserve to 287,168 BTC from an initial 225 BTC.

Other key players in the US market include Fidelity's Wise Bitcoin ETF with 161,538 BTC and the Ark 21Shares ETF (ARKB) with 48,503 BTC. Smaller ETFs such as Bitwise BTC ETF (BITB), VanEck Bitcoin Trust (HODL), and Valkyrie BTC ETF (BRRR) have also made notable contributions to the overall BTC reserve.

On a global scale, Bitcoin ETPs have amassed a total of 1,002,343 BTC, further establishing Bitcoin as a prominent global investment asset. Outside the US, Canada's Purpose Bitcoin ETF leads with 27,110 BTC, followed closely by Germany's ETC Group Physical Bitcoin Fund with 21,005 BTC. The recent introduction of Hong Kong Bitcoin ETFs has also added to the global reserve with 3,553 BTC.

Impact on BTC Price and Future Outlook

The increasing institutional interest in Bitcoin ETFs could signal a positive outlook for the cryptocurrency's price trajectory. With one million BTC locked in these ETFs, a supply crunch may be imminent as BTC exchange reserves continue to decline. However, the current Bitcoin price is facing downward pressure.

Crypto analyst Michaël van de Poppe suggested that Bitcoin may consolidate between $60,748 and $66,000, with a potential retest if the $66,000 level is breached. Despite the current bearish sentiment, sustaining above $66,000 could prevent a retest and potentially lead to a price rebound. As of the latest update, the BTC price was down by 0.38% to $68,872.22 on a specific date.