Bitcoin

Spot Bitcoin ETFs Saw $1.8B in Inflows Last Week

1 Mins read


Spot 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.

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. 

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.



Source link

Related posts
Bitcoin

Support Turns Resistance: Bitcoin Retests $64,515 After Break - Will It Hold?

2 Mins read
Bitcoin’s price dynamics have taken a significant turn as the $64,515 support level, once a crucial foundation, has now transformed into a…
Bitcoin

Nigeria Rejects Claims Jailed Binance Executive Denied Quality Healthcare

1 Mins read
A Nigerian government official has rejected claims that the jailed Binance executive is being denied access to quality healthcare. In an apparent…
Bitcoin

Ripple Faces Securities Suit in California

1 Mins read
Ripple CEO Brad Garlinghouse’s statements from a 2017 interview have incited a securities investigation in California. California District Judge Phyllis Hamilton has…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *