US Spot Bitcoin ETFs hit a 19-day inflow streak, Yet BTC Struggles To Breach ATH
The post US Spot Bitcoin ETFs hit a 19-day inflow streak, Yet BTC Struggles To Breach ATH appeared first on Coinpedia Fintech News
Spot Bitcoin exchange-traded funds (ETFs) in the United States have experienced a surge in inflows, marking their 19th consecutive day of increased demand. This streak has propelled the total inflows to over $15.6 billion. Despite this surge, analysts are left pondering why Bitcoin’s price has not breached the $73,679 mark.
Bitcoin Inflow Breaking Records
Since their launch, these ETFs have attracted over $15.6 billion in cumulative inflows, bringing total assets to an impressive $62.3 billion. Notably, global Bitcoin ETFs now hold approximately 1.3 million BTC, representing 5.2% of the circulating supply.
The success of Bitcoin ETFs, spearheaded by industry giants like BlackRock Inc. and Fidelity Investments, signals a seismic shift in crypto’s gravitational center from Asia to the United States.
Back by popular demand. I was planning to update the global tracker weekly, but many asked for more frequent updates.Global Bitcoin ETF Tracker as of 6/6/2024 pic.twitter.com/W2v0bLPLnv— HODL15Capital (@HODL15Capital) June 7, 2024
Last week, BlackRock’s $21.4 billion iShares Bitcoin Trust surpassed Grayscale Investments LLC’s $20.1 billion Bitcoin Trust, becoming the largest fund for the token worldwide. Fidelity’s $12.3 billion Wise Origin Bitcoin Fund holds the third position.
This surge in inflow aligns with regulatory changes, including the SEC’s approval of spot Bitcoin ETFs earlier this year. This shift has changed the crypto scene, moving its focus more toward the United States and away from Asia.
SEC’s Role and Market Adoption
The SEC, after allowing spot Bitcoin ETFs in January and spot Ethereum ETFs in May is now reviewing regulations for the crypto industry. Despite Chair Gary Gensler’s concerns about regulatory compliance, congressional efforts are underway to clarify crypto legislation.
Meanwhile, Ophelia Snyder, president of crypto ETF provider 21 Shares AG, highlighted on Bloomberg’s Tiger Money podcast that digital-asset fund adoption is still in its early stages, suggesting significant growth potential.
She further highlighted the vast potential for growth in this sector, suggesting that “we’re still in quite early innings.”
Still, Bitcoin Struggling
Despite this record-breaking 19-day streak of inflows into US Bitcoin ETFs, the price of Bitcoin has yet to surpass $73,679. Speculators in the options market anticipate a breakthrough this month, driven by ETF demand and expectations of Federal Reserve interest-rate cuts.
As of now, bitcoin is trading at $71,080, showing a slight increase in its price over the last 24 hours. Despite this surge, the trading volume remains low, around $26.2 billion, with a market cap of $1.4 trillion.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings