12 Bitcoin ETFs Collect 1 Million BTC in Less Than a Year

Since the first Bitcoin ETF was listed in the United States in January 2024, in less than 300 days, 12 U.S. Bitcoin ETFs have accumulated over 1 million Bitcoins. As of 12:45 PM Eastern Time on October 31, the value of these BTC is approximately $7.099 billion. The most prominent asset management company behind these ETFs is BlackRock, known for managing funds for the world’s top wealthy individuals. Its Bitcoin Trust (IBIT) saw a single-day inflow of $875 million just last week. An increasing number of ultra-high-net-worth individuals are indirectly holding Bitcoin through investment in Bitcoin ETFs.

 

In addition to the ultra-wealthy, governments and politicians from various countries also have varying degrees of interest in Bitcoin. The recent significant increase in Bitcoin is believed to be related to the high approval ratings of “Bitcoin President” Trump. Currently, after reaching a high of $73,650, Bitcoin seems to have entered a consolidation phase, having now fallen below $70,000 and stabilizing around $69,000. This fluctuation resulted in over 90,000 people experiencing liquidations within the last 24 hours, with liquidated amounts reaching $275 million. However, this adjustment may also be preparing the upward price space in advance for the upcoming election.

 

For BTC miners, the cost pressure of mining remains like a sword hanging overhead. Although $69,000 is already a decent price during the 7 months of BTC’s sideways movement, the current mining cost has exceeded $49,500, which is just the pure cash cost without considering the depreciation of machines and other costs. The total network hash rate has reached 740 EH. To maintain a good mining profit ability, improving machine capabilities or reducing electricity costs are the most direct ways. If you, like international large-scale mining companies, have the ability to purchase better machines and mine more BTC ahead of others, we recommend the ANTMINER S21 series (click to purchase S21 XP Hyd 473T), which is currently the world’s lowest energy efficiency ratio BTC ASIC. If you have low electricity costs, the heat-resistant WHATSMINER M50 or the cost-effective ANTMINER S19j xp are also very ideal choices, featuring low total cost and fast payback periods.

 

Now is the eve of BTC breaking historical records. Please remember that mining is almost the only way to buy Bitcoin at a low price. Welcome to consult us about various models of BTC ASICs and contact us to get the most suitable mining solution for you! Finally, BITMARS would like to remind everyone that all investments carry risks, so decisions should be made cautiously.

 

BITMARS is an internationally renowned crypto miner trading company. We provide comprehensive, professional, timely, and cost-effective miner purchasing and hosting services to maximize your wealth!

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At BITMARS, we value each client who has come to us, we listen and care what they think. At BITMARS, we never see ourselves as simply a “seller” for miners, we are dedicated to becoming a leading mining solution provider who can bring and create values for our customers’ mining journey.

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