Exposure of Bitcoin Reserves in China and the United States

Author: Qin Jin Since January 10, when the U.S. SEC approved 11 Bitcoin spot ETFs, including BlackRock's, their total trading volume has exceeded $13 billion in a short period. Their assets under management have surpassed silver ETFs, making them the second-largest ETF commodity category in the U.S. According to Bitcoin Magazine, the assets under management of the five silver ETFs are approximately $11.5 billion, while the assets under management of the Bitcoin spot ETFs have now exceeded $28 billion within less than a week of their launch. Additionally, The Block reported that the Bitcoin ETF becoming the second-largest ETF commodity in the U.S. marks an important milestone for the Bitcoin market. This achievement is attributed to the rising demand for BTC from both institutional and retail investors. Reports indicate that the growing interest in Bitcoin ETFs reflects the broader trend of portfolio diversification and recognition of the unique value proposition offered by BTC. As the Bitcoin market continues to evolve, surpassing silver ETFs solidifies Bitcoin's significant position in the global financial market. Meanwhile, the latest flows and reserves of Bitcoin have also attracted considerable attention. According to information released by Bitcoin Magazine, which has been tracking Bitcoin ETF flow data, as of January 20, the U.S. Bitcoin ETF has accumulated 95,000 BTC, valued at $4 billion, since its launch. BlackRock currently holds 28,622 BTC, valued at over $1.1 billion. Furthermore, a recent set of data disclosed by Bitcoin data analytics firm Swan Media shows that a total of 2,170,327 BTC is currently held across ETFs, funds, private and public companies, governments, and even DeFi, accounting for approximately 10.33% of the total supply. The remaining BTC could either be in individual hands or have disappeared forever. In the country categories of the above data: The U.S. holds 215,000 BTC. China holds 190,000 BTC. Ukraine holds 46,351 BTC. In the institutional categories: Grayscale Bitcoin Trust (GBTC) holds 581,274 BTC. Microstrategy holds 189,150 BTC. Block.one holds 164,000 BTC. Tether holds 61,627 BTC. Mtgox holds 141,686 BTC. BitMex holds 60,093 BTC. Bloomberg's senior ETF analyst Eric Balchunas stated on social media X that we have a similar example to illustrate who owns the stock market. In both cases, the funds are minority shareholders. Like stocks, ETFs are not the main culprits of sell-offs; they often make the situation less dire as they become net buyers through positive net flows. Eric Balchunas noted that this is a chart on our dashboard showing who holds stocks. ETFs own 8% of stocks; bonds own 6% of stocks; gold owns 1% of stocks; across all sectors, ETFs are minority shareholders, but due to their public nature, they are a rapidly growing industry and have received widespread attention.