On November 18, CryptoQuant analyst MAC.D wrote that the spot Bitcoin ETF has accumulated 5.3% of the total existing Bitcoin, and its holdings have increased from 629,900 BTC at the beginning of the year to 1.05 million BTC, an increase of 425,000 BTC. This increase has increased the ETF's holdings from 3.15% of the total Bitcoin to 5.33% in 10 months. The data tracked by MAC.D also shows that there is a correlation between the accumulation of Bitcoin through the spot Bitcoin ETF and price movements, especially during the price increases in March and November.