Bitcoin exchange-traded products (ETPs), investment vehicles providing exposure to Bitcoin’s performance, have collectively surpassed the milestone of 1 million total BTC holdings globally.

The price of Bitcoin has dropped after wallets belonging to the now-defunct cryptocurrency exchange, Mt. Gox, sprung back to life and moved more than $9.3 billion to new wallets.

Argentina is turning to El Salvador, the first country to adopt Bitcoin as legal tender, for guidance on navigating the cryptocurrency landscape. The National Securities Commission (CNV), Argentina's securities regulator, met with El Salvador's National Commission of Digital Assets (CNAD) to discuss crypto adoption and regulation in both countries.

Top stories in the Crypto Roundup today:

• Bitcoin ETPs Hit 1 Million BTC Milestone
• Mt. Gox’s Bitcoin Wallets Move Over $9 Billion Ahead of Creditor Repayments
• Argentina Talks to El Salvador About Crypto Adoption

Bitcoin ETPs Hit 1 Million BTC Milestone

Bitcoin exchange-traded products (ETPs), investment vehicles providing exposure to Bitcoin’s performance, have collectively surpassed the milestone of 1 million total BTC holdings globally.

Greatly contributing to the figure were the 11 spot Bitcoin exchange-traded funds (ETFs) launched in January in the United States, as these have added an average of 6,200 BTC per day to now hold 855,619 coins.

According to data from HODL15Capital, when combined with 21 Bitcoin ETPs offered in countries including Canada, Germany, and Brazil, the total number of Bitcoin held in investment products has climbed to an impressive 1,002,343 BTC, valued at approximately $68 billion.

Grayscale’s GBTC remains the largest Bitcoin fund with 289,040 BTC worth nearly $20 billion, closely followed by BlackRock’s iShares Bitcoin Trust, which has 287,168 BTC worth $19.8 billion.

Mt. Gox’s Bitcoin Wallets Move Over $9 Billion Ahead of Creditor Repayments

The price of Bitcoin has dropped after wallets belonging to the now-defunct cryptocurrency exchange, Mt. Gox, sprung back to life and moved more than $9.3 billion in them to new wallets.

These movements raised concerns about a potential sell-off by creditors that are slated to receive a portion of the $9 billion Bitcoin hoard Mt. Gox has held since its 2014 bankruptcy.

According to data from CryptoQuant and Arkham Intelligence, virtually all of the 137,000+ BTC held, worth over $9.3 billion, began moving out of Mt. Gox wallets early Tuesday morning in Asia. Mt. Gox, once a dominant Bitcoin exchange, was hacked in 2011 and ultimately filed for bankruptcy in 2014.

Last year, U.S. prosecutors charged two Russian nationals with involvement in the cyberattack. As the bankruptcy process winds down, the court-appointed trustee has said creditors can expect base, intermediate, and early lump-sum payments by October 31.

Whether the creditors will choose to hold onto their BTC or sell it on the market after receiving it is unclear.

Argentina Talks to El Salvador About Crypto Adoption

Argentina is turning to El Salvador, the first country to adopt Bitcoin as legal tender, for guidance on navigating the cryptocurrency landscape. The National Securities Commission (CNV), Argentina's securities regulator, met with El Salvador's National Commission of Digital Assets (CNAD) to discuss crypto adoption and regulation in both countries.

During the meeting, officials exchanged insights on how cryptocurrencies are faring in global economies, with a particular focus on El Salvador's pioneering experience with Bitcoin.

CNV president Roberto Silva commended El Salvador for its leadership in both Bitcoin adoption and the broader cryptocurrency industry and emphasised the value of knowledge gained by the CNAD, which oversees and regulates El Salvador's digital asset market.

Argentina’s securities regulator vice president Patricia Boedo, who visited El Salvador in March to discuss market development, reiterated the importance of El Salvador's expertise while El Salvador's CNAD president Juan Carlos Reyes welcomed Argentina's approach saying the country is a “pioneer in technology” and adding it wants to work “with the industry efficiently and create appropriate regulation.”

State of the Crypto by Top Tier Exchange Volume

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