Bitcoin has climbed from about $59,500 on July 1 to roughly $85,000 by October 4, a gain of $25,500, or 42.9%.

Over the same period, US spot Bitcoin ETF holdings increased from around 1.20 million BTC to 1.288 million BTC.

That represents an addition of roughly 88,000 BTC, or 7.3%.

Bitcoin’s rally was accompanied by continued growth in US spot ETF holdings.

Rather than declining as prices moved higher, ETF-held Bitcoin increased by roughly 88,000 BTC over the period, showing that the rise from $59,500 to $85,000 occurred alongside continued expansion in ETF holdings.

This does not imply ETFs account for only part of the rally, but it shows that price appreciation materially outpaced the expansion in ETF holdings.

Written by Amr Taha