US-based spot Bitcoin ETFs have seen remarkable growth, nearing a substantial $110 billion in cumulative holdings, which represent over 5.7% of the total Bitcoin supply. This growth comes in tandem with Bitcoin's price surge, crossing the $100,000 mark in 2024. BlackRock controls a significant portion of the ETF market, with its iShares Bitcoin Trust ETF holding over 542,000 BTC, valued at approximately $51.5 billion, giving it a 47.9% market share. The ETF market is becoming a key contributor to Bitcoin's price rally, especially as institutional adoption increases. Analyst Ryan Lee from Bitget Research suggests that BlackRock's expanding ETF could support Bitcoin reaching $200,000 by 2025, although this trajectory is contingent on regulatory changes and broader economic conditions. Currently, Bitcoin is experiencing resistance around $97,600 and $99,000, with potential liquidations around the $99,000 mark that could trigger a price rally.

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