Ever since the launch of the spot Bitcoin ETFs in January, institutional investors have shown a massive appetite for the asset class.The inflows in the Bitcoin ETFs have been skyrocketing so far with [BlackRock’s IBIT](https://coingape.com/blackrock-bitcoin-etf-600-mln-inflow-shields-market-amid-huge-gbtc-outflow/) leading the market share by a huge margin.Wall Street Giants Buying Bitcoin ETFs Bitcoin is attracting interest from major players on Wall Street, who are amassing significant treasuries of the cryptocurrency.Interestingly, the [Bitcoin exchange-traded funds (ETFs)](https://coingape.com/spot-bitcoin-etf-notes-largest-net-inflow-677-million-on-supply-shock/) in the United States now hold nearly 4% of the total supply of Bitcoin.According to [BitMEX Research](https://twitter.com/BitMEXResearch/status/1763474314609766412), spot funds collectively held 776,464 BTC ($47.7 billion) as of Friday morning.Currently, there are 19.64 million BTC ($1.21 trillion) in circulation, with the eventual limit of 21 million expected to be reached over the next century or more.GBTC previously held nearly 3.2% of the total bitcoin market before the launch of ETFs, but has since seen a decline in its bitcoin holdings, now accounting for 2.2% of the supply.[MicroStrategy](https://coingape.com/microstrategys-bitcoin-bet-unlocks-massive-shareholder-value-mstr-at-1000/), recognized as the largest corporate treasury globally, has acquired 0.98% of the Bitcoin supply (equivalent to 193,000 BTC valued at $11.88 billion).
Founded by staunch Bitcoin advocate Michael Saylor, the publicly-listed data intelligence firm has seen a remarkable 95% return on its Bitcoin investments to date.Recommended Articles Since its initial Bitcoin purchase in August 2020 at around $11,000 per BTC, MicroStrategy’s share price has closely mirrored Bitcoin’s performance, with the cryptocurrency surging approximately 450% since then.The [US government](https://coingape.com/bitcoin-btc-price-faces-rejection-at-64000-as-us-govt-moves-1-billion-in-btc/) is also a significant holder, believed to possess up to 215,000 BTC ($13.23 billion), representing around 1.1% of Bitcoin’s circulating supply.These coins were seized in various criminal cases, including those related to Silk Road and the Bitfinex hack in 2016.
New ETFs Bring Legitimacy to the Crypto Bull Market The current crypto bull market distinguishes itself from previous boom-and-bust cycles, primarily due to the air of legitimacy instilled by the introduction of spot Bitcoin ETFs.Unlike prior cycles driven by risk-embracing speculators and products prone to collapse, these ETFs offer a regulated and transparent avenue for investors.Historically, crypto markets were characterized by speculative investments such as crypto loans and initial coin offerings (ICOs), often lacking proper backing or tangible products.
However, the emergence of ETFs signifies a shift towards a more regulated and institutionalized market environment.Individual investors participating in this rally also contribute to the market’s evolution.According to Michael Novogratz, founder of Galaxy Digital, there’s a notable influx of new buyers entering the space.
He [highlighted](https://www.bnnbloomberg.ca/wall-street-turbocharges-bitcoin-s-wild-rally-and-rakes-in-cash-1.2041718) the significance of this demographic shift, noting that for the first time in his 11-year involvement in crypto, Baby Boomers and older individuals now have accessible means to invest in cryptocurrencies through ETFs.[Shiba Inu Whale Moves 3 Tln Coins As SHIB Price Rockets 70%](https://coingape.com/shiba-inu-whale-moves-3-tln-coins-shib-price-rockets-70/) [Pro-XRP Lawyer Addresses Escrow Concerns Amid Ripple’s 800M XRP Lockup](https://coingape.com/pro-xrp-lawyer-addresses-escrow-concerns-amid-ripples-800m-xrp-lockup/) [Tom Emmer’s Anti-CBDC Bill Getting Major “Coalition Support”](https://coingape.com/tom-emmer-cbdc-anti-surveillance-bill-getting-major-coalition-support/) [Floki Meme Coin: Reasons Why FLOKI Price Soars 100%](https://coingape.com/floki-meme-coin-reasons-why-floki-price-soars-100/) [Breaking: Bitcoin ETFs Saw $1.7B Net Inflow Last Week, Bloomberg Analyst Hints At Fall](https://coingape.com/bitcoin-etf-net-inflow-last-week-bloomberg-hints-at-fall/) [5 AI-Based Altcoins Likely To Beat Worldcoin In 2024 Bull Run](https://coingape.com/markets/5-ai-based-altcoins-likely-to-beat-worldcoin-in-2024-bull-run/) [Solana Coin Bullish Bet Exceeds $2 Billion, Is $200 SOL Near?](https://coingape.com/markets/solana-coin-bullish-bet-exceeds-2-billion-is-200-sol-near/) [4 Millionaire Making Crypto To HODL Pre-Bitcoin Halving](https://coingape.com/markets/4-millionaire-making-crypto-to-hodl-pre-bitcoin-halving/) [Pepe Coin 17% Rally Sparks Bullish Excitement, Time To Buy Dog-Themed Meme Coins?](https://coingape.com/markets/pepe-coin-17-rally-sparks-bullish-excitement-time-to-buy-dog-themed-meme-coins/) [XRP Price Prediction As Overhead Supply at $0.6 Hints For Upcoming Correction?](https://coingape.com/markets/xrp-price-prediction-as-supply-at-0-6-hints-for-correction/).
