Spot Bitcoin exchange-traded funds (ETFs) within the U.S. attracted $1.8 billion in inflows final week, their 18th consecutive document day of demand. The surge comes because the profitable Bitcoin ETFs proceed maturing.
Buying and selling volumes throughout Bitcoin ETFs additionally rose 55% week-over-week to $12.8 billion. The previous week’s haul was Bitcoin funds’ largest since mid-March when Bitcoin hit practically $74,000.
Considerably, the ETFs acquired round 25,700 BTC final week, virtually equal to your entire new Bitcoin provide mined throughout that interval. This absorption of latest provide is tightening the market.
The wave of inflows this month has already surpassed Could’s whole inflows. It follows the regulatory embrace of Bitcoin ETFs within the U.Okay., Australia and Thailand, whereas political winds are additionally shifting positively.
With whole property beneath administration throughout Bitcoin ETFs now exceeding $70 billion, the funds proceed legitimising Bitcoin as an institutional asset class. Their uninterrupted demand streak additional cements Bitcoin’s status.
NEW: International Spot Bitcoin ETFs now maintain over $70 billion in #Bitcoin
That is 5% of the BTC provide 🤯 pic.twitter.com/NYqldI5SIn
— Bitcoin Journal (@BitcoinMagazine) June 10, 2024
The previous week’s exercise exhibits buyers more and more treating Bitcoin as a hedge in opposition to inflation and uncertainty as rate of interest cuts start in Canada and Europe.
This institutional embrace is why Bitcoin ETFs have rapidly ballooned regardless of launching simply months in the past. If present momentum sustains, an increasing number of institutional cash appear poised to flood the Bitcoin market.