Spot Bitcoin exchangeLast week inflows of $1.8 billion were recorded in U.S. exchange-traded fund (ETF) demand, marking their 18th record day. This surge is due to the maturation of Bitcoin ETFs.
Trading volumes across Bitcoin ETFs Also, the amount of Bitcoin funds rose by 55% in a week to $12.8 Billion. Bitcoin’s funds have seen their biggest week since the middle of March when Bitcoin was nearly $74,000.
The ETFs bought around 25,700 BTC in the last week. This is almost the same as the new cryptocurrency. Bitcoin supply mined During that time, the market was tightened. Market tightening is caused by this absorption of supply.
Inflows in this month have already exceeded those in May. This follows on from the acceptance of Bitcoin ETFs by regulators in Australia, Thailand and the U.K.
Bitcoin continues to be legitimised as an institution asset class with the assets managed by Bitcoin ETFs exceeding $70 billion. The funds’ unbroken demand further solidifies Bitcoin’s reputation.
Global Spot Bitcoin ETFs hold more than $70 billion now #Bitcoin
That's 5% of the BTC supply 🤯 pic.twitter.com/NYqldI5SIn
— Bitcoin Magazine (@BitcoinMagazine) June 10, 2024
Investors are increasingly using Bitcoin to hedge themselves against inflation, and the uncertainty that comes with interest rate reductions in Canada and Europe.
Bitcoin ETFs are booming due to the institutional support. They were launched just a few months ago, but have already exploded. If the current momentum is maintained, institutional money will continue to pour into the Bitcoin market.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com