Nineteen months after the first Bitcoin Exchange Trade Funds (ETFs) were listed on Wall Street, the popular cryptocurrency has moved from digital forums to the desks of major investors.
On June 15, 2023, BlackRock, the world’s largest asset manager, sought approval from the U.S. Securities and Exchange Commission (SEC) to trade a Bitcoin ETF.
At that time, the price of Bitcoin was $26,341 per unit. By January 10, when the financial instruments were approved for listing in the U.S., the value of Bitcoin had risen 76% to $46,348.
Since then, the price of Bitcoin has surged by 325.3%, according to Felipe Mendoza, an analyst at broker ATFX.
SEC Approval and Major Players
On January 10, 2024, the SEC approved the listing of 11 Bitcoin ETFs.
BlackRock, Ark Invest, Graycale, VanEck, Bitwise, Fidelity, Hashdex, Wisdom Tree, Invesco Galaxy, Franklin Templeton, and Valkyrie were approved to offer their instruments, which began trading on the Nasdaq, New York Stock Exchange (NYSE), and Chicago Board Options Exchange (CBOE).
Privileged Development
In a semi-annual analysis, Binance, the largest cryptocurrency exchange company, highlighted that capital flows to Bitcoin grew faster than the overall virtual currency market.
“This trend reflects greater capital accumulation by long-term holders and retail investors, as well as the increasing integration of Bitcoin with traditional finance,” according to Binance’s mid-year 2025 report.
The report noted that Bitcoin’s performance in the first half of 2025 surpassed most major traditional assets.
- Bitcoin’s performance: Despite a significant correction earlier in the year from its post-election peak to reaching historical highs in 2024, Bitcoin ended the first half as one of the largest capitalization assets with the best performance, backed by macroeconomic positioning and sustained institutional flows.
In the first seven months of the year and through August, Bitcoin’s price rose 20.96%, while gold increased by 28.52%. The FTSE 100 in England advanced 14.05%, the S&P 500, which includes large U.S. companies, grew by 9.95%, Japan’s Nikkei increased by 6.86%, and Hong Kong’s Hang Seng advanced 26.32%.
Mendoza pointed out that the liquidity dynamics changed, with instances where Bitcoin ETF inflows coincided with gold ETF outflows, indicating that some managers now treat Bitcoin as a partial substitute for the traditional “safe-haven” asset.
Blackrock’s Bitcoin ETF, managing over $80 billion in assets, and Fidelity’s, around $24 billion, exemplify Bitcoin’s advancement.
Between all Bitcoin ETFs, the listed funds accumulate nearly 1.3 million Bitcoins, equivalent to 6% of the total Bitcoin supply, explained Mendoza.
He further noted that for the market, this concentration implies that demand no longer heavily relies on retail enthusiasm but on structured flows entering and exiting private bank portfolios, pension funds, and wealth management accounts.
Binance emphasized that with over $2 trillion in market value, Bitcoin has established itself as the world’s leading cryptocurrency.
“The arrival of ETFs formalized the crypto market, and there are over 140 companies holding 848,100 Bitcoins,” wrote experts on the investment platform.
Felipe Mendoza from ATFX stressed that in Bitcoin’s new phase, high volatility and dependence on the Federal Reserve’s monetary policy remain.
“What changed is Bitcoin’s position within the financial ecosystem. It’s no longer a speculative bet for a few but a macro asset with regulated vehicles, deep liquidity, and the ability to compete with major global market references,” Mendoza concluded.
