Exchange and Miner Bitcoin (BTC) Holdings Drop by $1.3 Billion Amidst Bitcoin ETF Flows
CryptoNewsTerminal Staff08 Jun, 2024
Exchange and Miner Bitcoin (BTC) Holdings Drop by $1.3 Billion Amidst Bitcoin ETF Flows
The amount of Bitcoin (BTC) held by exchanges and miners has declined by 183,253 BTC since the beginning of the year, a decrease of roughly $13 billion. This outflow is largely attributed to a decrease in holdings by cryptocurrency exchanges, which account for 90.95% of the total decline. The decrease in cryptocurrency exchange holdings coincides with the launch of Bitcoin spot ETFs. Data shows that $15.34 billion worth of capital flowed into ETFs after their introduction. This suggests that investors are shifting their Bitcoin holdings from exchanges to ETFs, which offer more secure and regulated exposure to the cryptocurrency.
