Bitcoin ETF: a new stage in the development of the Bitcoin market
As of June 2025, the three largest Bitcoin fund issuers hold over 1 million BTC. This already represents more than 5% of the current Bitcoin supply and continues to grow.
Bitcoin ETF market capitalization reaches an all-time high
In May 2025, Bitcoin hit a new all-time high (ATH), and against this backdrop, the market capitalization of Bitcoin ETFs also reached record levels. According to Coinglass data for June 2025, the total market capitalization of Bitcoin ETFs approached $128 billion, with a peak of $134.7 billion.
Nearly half of this amount is attributed to the iShares Bitcoin Trust ETF from BlackRock, the world's largest investment company: the market capitalization of the IBIT Bitcoin fund reaches nearly $70 billion. The daily trading volume of the iShares Bitcoin Trust ETF exceeds $2.02 billion — more than 72% of the total trading volume of Bitcoin funds, which, as of June 2025, stands at $2.79 billion.
Next comes the Fidelity Wise Origin Bitcoin Fund (FBTC), which accounts for nearly 17% of the Bitcoin ETF market capitalization at $20.6 billion. The daily trading volume of FBTC reaches $284 million.
In third place by market capitalization is the Grayscale Bitcoin Trust ETF (GBTC), which has a market capitalization of $19.3 billion. Grayscale was one of the first investment firms to apply for a spot in Bitcoin ETF. The daily trading volume of the Grayscale Bitcoin Trust ETF is $113 million.
Interesting fact: One year ago, the total market capitalization of all Bitcoin ETFs was only $62.7 billion — less than the current capitalization of a single iShares Bitcoin ETF by BlackRock. Thus, in just a year, capitalization has more than doubled, indicating growing institutional interest in cryptocurrencies.
Bitcoin ETFs have taken only one and a half years to reach the same capitalization as the second-largest altcoin, XRP. In comparison, it took XRP over 10 years to achieve the same result.
Amid Bitcoin's new all-time high (ATH) in May, the net inflow into Bitcoin funds exceeded $7 billion over a week, averaging approximately $1 billion per day. According to analytics services, investors are buying Bitcoin-based ETFs worth $ 8,000 to $ 12,000 in BTC daily — more than what miners are currently producing.
Analysts are observing a significant increase in the number of long-term Bitcoin holders. By various estimates, the amount of BTC held by long-term holders has approached 76% of Bitcoin's total supply.
Large investors such as BlackRock, Fidelity, and Grayscale are purchasing Bitcoin with a long-term holding strategy in mind. In effect, this means these companies are removing cryptocurrency from circulation, reducing the available supply. Unlike retail investors, they are not speculating on digital asset prices. As Bitcoin ETFs continue to grow, supply will shrink further, potentially triggering a new wave of Bitcoin price growth.
The popularity of Bitcoin ETF-based products is growing
It's worth noting that an increasing number of banks worldwide are offering services related to Bitcoin and its derivatives, such as Bitcoin ETFs. As of June 2025, these banks include:
- Bank Frick (Liechtenstein);
- Silvergate Bank (USA);
- Revolut (United Kingdom);
- Westpac and Commonwealth Bank (Australia);
- RAKBANK and Emirates NBD (UAE).
One of the world's largest banks, JPMorgan, has even introduced a new rule allowing clients to receive loans secured by crypto-ETFs. This innovation reflects the increasing integration of digital assets into the traditional banking sector.
The list of Bitcoin funds is expanding
In early June 2025, Trump Media applied to the U.S. Securities and Exchange Commission (SEC) to launch its exchange-traded fund: the Truth Social Bitcoin ETF. Trump Media is a social media platform whose controlling stake is owned by the 47th President of the United States, Donald Trump.
Additionally, the Chicago Board Options Exchange (CBOE) launched the world's first set of stock indices for a Bitcoin ETF under the name BuyWrite. The base index of the BuyWrite set is the Grayscale Bitcoin Trust ETF.
The launch of this index suite is part of an initiative to bring traditional option-based income strategies into the digital asset market. BuyWrite provides investors with access to digital assets that are managed for risk, which may attract additional investment into the Web3 sector.