K33 Research Analyst: Bitcoin ETP holds 864,719 BTC, equivalent to 4.4% of the circulating supply

K33 Research senior analyst Vetle Lunde posted on X platform, stating: "Global Bitcoin ETP currently holds 864,719 BTC. This is equivalent to 4.4% of the circulating supply of BTC and accounts for approximately 45% of cryptocurrency exchange reserves. ETFs are an important component of the Bitcoin market structure, impacting both spot markets and CME, with their relevance expected to further increase. The newly launched US spot Bitcoin ETF currently holds over 80,000 BTC. BlackRock and Fidelity have entered the top six positions. Since the launch of ETFs, GBTC has been the biggest loser so far. Canadian-based Purpose and CI Galaxy as well as European BTCE also face significant capital outflows."