According to the holdings data tracked by WalletPilot, if the current net inflow rate remains unchanged, Bitcoin Spot ETFs are expected to hold over 1.5 million BTC by the end of the year. This open interest will exceed most estimates of the number of lost Bitcoins (approximately 1.4 million BTC). As of August 13, U.S. Bitcoin Spot ETFs collectively held about 1.296 million BTC, equivalent to nearly 6.5% of the circulating supply. In the past 30 days, all funds net increased their holdings by approximately 17,393 BTC. If this rate continues, the total ETF holdings will surpass the 1.5 million mark by December. BlackRock's IBIT (iShares Bitcoin Trust) has the highest share of the holdings, managing about 744,500 BTC. Since the fund's launch in January 2024, this holding has accounted for about 3.3% of the total Bitcoin supply. In recent months, IBIT has increased its holdings by an average of approximately 4,300 BTC per month. If the capital flow remains stable, IBIT alone could add about 130,000 BTC to its reserves by the end of the year, further exacerbating the concentration of holdings from a single issuer. As ETFs increase their holdings, the price of Bitcoin has also risen to around $124,000, reaching a historic high. This level has been achieved in anticipation of the Fed beginning to cut interest rates later this year.