Bitcoin ETPs Hold 7% of Total BTC Supply

Bitcoin Exchange-Traded Products (ETPs) now hold 7% of the premier cryptocurrency’s maximum 21 million coin supply. The ETPs have accumulated more than 1.46 million BTC. The surge underscores institutional adoption of BTC and highlights the crypto’s growing reputation as a mainstream financial asset.

According to the data shared by the HODL15Capital X.com account, the U.S.-based BTC ETFs collectively hold over 1.29 million BTC across 11 funds as of August 31. iShares Bitcoin Trust ETF (IBIT) by BlackRock is the biggest single holder with 746,810 BTC. The second biggest holder is Fidelity’s Wise Origin Bitcoin Fund (FBTC) with 199,500 BTC.

Ethereum-based Funds on the Rise

Globally, Bitcoin ETPs have added more than 170,000 BTC between December 31, 2024, and August 31, 2025. At the moment, this growth means that there will be about $18.7 billion in new money coming in over the next eight months.

Even though demand was strong, it started to fade in August. CoinShares said that Bitcoin ETPs around the world lost a total of $301 million in net outflows during the month. Meanwhile, Ethereum-based funds had a huge $3.95 billion in inflows, which shows a big change in how investors feel.

This rotation is also visible at the whale level. On Monday, one Bitcoin whale sold 4,000 BTC in exchange for 96,859 Ether (ETH), bringing their Ether holdings to $3.8 billion. Blockchain analytics firm Arkham further revealed that nine whales collectively exited Bitcoin positions, redirecting approximately $456 million into Ether.

The slowdown in Bitcoin demand coincides with September, which is historically the weakest month for BTC performance. Meanwhile, gold prices have been edging higher, adding competitive pressure to Bitcoin’s “digital gold” narrative.

Adding uncertainty, the U.S. Securities and Exchange Commission (SEC) currently has 92 crypto-related ETF applications under review. Anticipation is especially high for upcoming decisions in October on Solana (SOL) and XRP (XRP) funds, which could further redirect investor capital.

Market analysts warn that Bitcoin’s road to higher valuations may be more gradual than many expect. Pseudonymous trader PlanC suggested Bitcoin could reach $1 million over seven years, but through a slow, “boring and underwhelming” grind rather than explosive rallies.

Research firm Delphi Digital also noted that Bitcoin’s trajectory may hinge on Federal Reserve policy. The firm said BTC could rally ahead of interest rate cuts but risk a sharp correction afterwards, unless muted demand keeps the asset stable.

With 7% of its capped supply locked in institutional vehicles, Bitcoin’s scarcity narrative remains intact. Yet, the near-term spotlight appears to be shifting toward Ethereum and emerging altcoin ETFs.