VanEck: Approximately 175 billion dollars of Bitcoin is held by ETFs, various countries and corporations

Investment firm VanEck stated in its latest report that currently, about $175 billion worth of Bitcoin is held by multiple ETFs, different countries, and listed and private companies, accounting for approximately 15% of the total supply of Bitcoin. Data from CoinGecko shows that as of Wednesday, the total market value of Bitcoin was about $1.2 trillion. Over the past week, the price of this largest global cryptocurrency has fallen from over $64k to around $57k.

VanEck launched a spot Bitcoin ETF in January with assets under management reaching $600 million. The company stated in its report that Bitcoin's potential as a store of value is increasingly recognized by hedge funds, asset management companies and donation funds. In addition, more and more merchants and businesses are accepting Bitcoin as a payment method today; infrastructure development also makes it easier for ordinary people to use Bitcoin.