VanEck Report: Currently, approximately $175 billion in Bitcoin is held by multiple ETFs, countries, and companies

ChainCatcher news, according to The Block, investment firm VanEck stated in its latest report that approximately $175 billion worth of Bitcoin is held by various ETFs, different countries, and both public and private companies, accounting for about 15% of the total Bitcoin supply. According to CoinGecko, as of Wednesday, the total market capitalization of Bitcoin is approximately $1.2 trillion. Over the past week, the price of this largest global cryptocurrency has fallen from over $64,000 to around $57,000.

It is reported that VanEck launched a spot Bitcoin ETF in January, currently managing assets of $600 million. The company stated in the report that the potential of Bitcoin as a store of value is increasingly recognized by hedge funds, asset management companies, and endowments. In addition, more and more merchants and businesses are accepting Bitcoin as a payment method, and infrastructure development has made it easier for ordinary people to use Bitcoin.