🚨 State of the Market: Bitcoin Mining H1 Review in 21 Charts - #5 Bitcoin Holdings

Since the launch of the ETFs, total holdings have reached 866K #BTC. The nine new ETFs have acquired 591K Bitcoin in less than six months, with net inflows averaging just below 2,000 BTC per day. This is particularly impressive considering that the daily subsidy for miners decreased from 900 hashtag#Bitcoin per day to 450 BTC per day after the halving.

There has been a notable outflow from @Grayscale  $GBTC as investors shifted to other ETFs with more attractive fees. Grayscale’s GBTC started with 605,891 BTC at the launch of the ETFs and ended the first half of the year holding 275,399 BTC, an outflow of 330,492 BTC. Despite this exodus, $GBTC remains the second-largest holder of Bitcoin among the ETFs. 

@BlackRock showed the fastest growth in H1, with $IBIT holding 307K BTC. It is noteworthy that all the publicly traded miners together hold less Bitcoin on their balance sheets than each of the top four ETFs individually.

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