spot Bitcoin ExchangeU.S. Bitcoin exchange-traded funds (ETFs) saw $1.8 billion in inflows last week, marking the 18th consecutive day of record-high demand. The surge comes as successful Bitcoin ETFs continue to mature.
Trading Volume Bitcoin ETFs The amount raised by Bitcoin funds last week was the largest since mid-March, when Bitcoin reached nearly $74,000.
Notably, the ETF gained around 25,700 BTC last week, roughly equivalent to the total amount of new Bitcoin. Mined Bitcoin Supply During this period, the market has tightened due to the absorption of new supply.
This month’s wave of inflows has already surpassed May’s total inflows, and comes after Bitcoin ETFs were accepted by regulators in the UK, Australia and Thailand, and political winds are also turning in their favor.
With total assets under management across Bitcoin ETFs now exceeding $70 billion, the funds continue to legitimize Bitcoin as an institutional asset class, and an uninterrupted string of demand has further cemented Bitcoin’s reputation.
NEW: Global Spot Bitcoin ETF now holds over $70 billion #Bitcoin
That’s 5% of the BTC supply 🤯 pic.twitter.com/NYqldI5SIn
— Bitcoin Magazine (@BitcoinMagazine) June 10, 2024
The past week’s moves show that investors are increasingly treating Bitcoin as a hedge against inflation and uncertainty as interest rates begin to cut in Canada and Europe.
This institutional support has helped the Bitcoin ETF grow rapidly despite only being launched a few months ago, and if the current momentum continues, we will likely see even more institutional capital flow into the Bitcoin market.
