China and U.S. Bitcoin Reserves Exposed
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China and U.S. Bitcoin Reserves Exposed
Across ETFs, funds, private and public companies, governments, and even DeFi, a total of 2,170,327 BTC are currently held, approximately 10.33% of the total supply.
Navigating Web3 tides with focused insightsAuthor: Qin Jin
Since the U.S. SEC approved 11 spot Bitcoin ETFs, including BlackRock's, on January 10, their total trading volume has exceeded $13 billion in a short period. Their assets under management (AUM) have surpassed those of silver ETFs, making Bitcoin ETFs the second-largest commodity ETF category in the United States.
According to Bitcoin Magazine, the five silver ETFs currently manage approximately $11.5 billion in assets. In less than a week since launch, spot Bitcoin ETFs have already amassed over $28 billion in AUM.
The Block reported that Bitcoin ETFs becoming the second-largest commodity ETF category in the U.S. marks a significant milestone for the Bitcoin market. This achievement is attributed to rising demand for BTC from both institutional and retail investors.
The report noted that growing investor interest in Bitcoin ETFs reflects a broader trend toward portfolio diversification and recognition of BTC’s unique value proposition. As the Bitcoin market continues to evolve, surpassing silver ETFs solidifies Bitcoin’s importance within global financial markets.
Meanwhile, the latest movements and reserve levels of Bitcoin have also attracted significant attention.
Bitcoin Magazine, which has consistently tracked Bitcoin ETF flow data, reported that as of January 20, U.S. Bitcoin ETFs have accumulated 95,000 BTC worth $4 billion since launch. BlackRock currently holds 28,622 BTC, valued at over $1.1 billion.
Additionally, according to recently disclosed data from Bitcoin analytics firm Swan Media, a total of 2,170,327 BTC—approximately 10.33% of the total supply—is currently held across ETFs, funds, private and public companies, governments, and even DeFi platforms. The remaining BTC likely falls into one of two categories: either held by individuals or permanently lost.
Among the national holdings listed in the above data:
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The United States holds 215,000 BTC.
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China holds 190,000 BTC.
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Ukraine holds 46,351 BTC.
Among institutional holders:
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Grayscale Bitcoin Trust (GBTC) holds 581,274 BTC.
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MicroStrategy holds 189,150 BTC.
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Block.one holds 164,000 BTC.
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Tether holds 61,627 BTC.
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Mtgox holds 141,686 BTC.
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BitMEX holds 60,093 BTC.
Eric Balchunas, senior ETF analyst at Bloomberg, stated on social media platform X that we have a similar example illustrating who owns the stock market. In both cases, ETFs are minor shareholders. Just like in equities, ETFs are not culprits for selling pressure; rather, they often mitigate downturns by acting as net buyers through positive net inflows.
Balchunas added that this chart from their dashboard shows ownership of equities: ETFs own 8% of stocks; bonds account for 6%; gold for 1%. Across all asset classes, ETFs remain relatively small shareholders, yet receive disproportionate attention due to their public accessibility and rapid industry growth.
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