SpotĀ Bitcoin exchange-traded funds (ETFs) in the U.S. attracted $1.8 billion in inflows last week, their 18th consecutive record day of demand. The surge comes as the successful Bitcoin ETFs continue maturing.
Trading volumes across Bitcoin ETFs also rose 55% week-over-week to $12.8 billion. The past week’s haul was Bitcoin funds’ largest since mid-March when Bitcoin hit nearly $74,000.
Significantly, the ETFs acquired around 25,700 BTC last week, almost equal to the entire new Bitcoin supply mined during that period. This absorption of new supply is tightening the market.
The wave of inflows this month has already surpassed May’s total inflows. It follows the regulatory embrace of Bitcoin ETFs in the U.K., Australia and Thailand, while political winds are also shifting positively.
With total assets under management across Bitcoin ETFs now exceeding $70 billion, the funds continue legitimising Bitcoin as an institutional asset class. Their uninterrupted demand streak further cements Bitcoin’s reputation.
NEW: Global Spot Bitcoin ETFs now hold over $70 billion in #Bitcoin
That's 5% of the BTC supply š¤Æ pic.twitter.com/NYqldI5SIn
— Bitcoin Magazine (@BitcoinMagazine) June 10, 2024
The past week’s activity shows investors increasingly treating Bitcoin as a hedge against inflation and uncertainty as interest rate cuts begin in Canada and Europe.Ā
This institutional embrace is why Bitcoin ETFs have quickly ballooned despite launching just months ago. If current momentum sustains, more and more institutional money seem poised to flood the Bitcoin market.
