According to the holdings data tracked by WalletPilot, if the current net inflow rate remains unchanged, the Bitcoin Spot ETF is 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, accounting for nearly 6.5% of the circulating supply. Over the past 30 days, all funds have net increased their holdings by approximately 17,393 BTC. If this pace continues, the total ETF holdings will surpass 1.5 million BTC by December. BlackRock's IBIT (iShares Bitcoin Trust) has the highest share of holdings, managing about 744,500 BTC. Since this fund launched in January 2024, this holding has accounted for approximately 3.3% of the total Bitcoin supply. In recent months, IBIT has averaged an increase of about 4,300 BTC per month. If the capital flow remains stable, just IBIT alone could add about 130,000 BTC to its reserves by the end of the year, further intensifying the concentration of holdings in a single issuer. As the ETF increases its holdings, the price of Bitcoin has also climbed to a historical high of around $124,000, a level achieved amid market expectations that the Fed will begin lowering interest rates later this year.