In a significant milestone for the cryptocurrency market, global Bitcoin ETFs are nearing the accumulation of one million BTC. This achievement highlights the growing adoption of Bitcoin investment products, particularly in the United States where ETF reserves have surged since the beginning of the year.

As of the latest reports, U.S. Bitcoin ETFs have amassed a total of 850,707 BTC. Leading this accumulation is Grayscale’s GBTC ETF, holding 289,280 BTC, followed closely by BlackRock’s iShares Bitcoin Trust with 283,203 BTC. Other major players include Fidelity’s Wise Bitcoin ETF and Ark 21Shares ETF, contributing significantly to the growing ETF reserves.

Globally, including markets outside the U.S., Bitcoin ETPs have collectively gathered 986,769 BTC. Canada’s Purpose Bitcoin ETF and Germany’s ETC Group Physical Bitcoin Fund are among the notable contributors outside the U.S., holding substantial reserves of BTC.

This substantial institutional interest in Bitcoin ETFs is viewed as a bullish signal for Bitcoin's price outlook. Analysts suggest that if ETFs collectively hold one million BTC, it could lead to a supply shock that might push the Bitcoin price higher. Michaël van de Poppe, a prominent crypto analyst, has indicated potential price movements, including a retest at the $68,000 mark followed by further upward momentum.

However, the current market shows Bitcoin experiencing sideways movement amid attention shifting to Ethereum ahead of upcoming ETF decisions. As of the latest update, Bitcoin's price was slightly down, reflecting market uncertainties and short-term selling pressures.

In conclusion, the nearing milestone of one million BTC held by global Bitcoin ETFs underscores growing institutional confidence in Bitcoin. While short-term market fluctuations persist, the long-term implications of such substantial BTC reserves in ETFs could potentially influence Bitcoin's price trajectory positively.