Bitcoin exchange-traded funds (ETFs) in the United States attracted $1.8 billion in inflows last week, the 18th consecutive record day of demand. This rise comes as successful Bitcoin ETFs continue to mature.
Trading volumes across Bitcoin ETFs also rose 55% week-on-week to $12.8 billion. Last week's tally was the largest for Bitcoin funds since mid-March when Bitcoin reached nearly $74,000.
It is worth noting that ETFs acquired about 25,700 Bitcoin last week, almost equivalent to the entire new amount. The supply of Bitcoin has been mined During that period. Absorbing new supply tightens the market.
The wave of inflows this month has already exceeded the total inflows in May. This follows the regulatory embrace of Bitcoin ETFs in the UK, Australia and Thailand, while political winds are also shifting favorably.
With total assets under management across Bitcoin ETFs now exceeding $70 billion, the funds continue to legitimize Bitcoin as an institutional asset class. Their constant order streak enhances Bitcoin's reputation.
New: Global Spot Bitcoin ETFs Now Hold Over $70 Billion #Bitcoin
This represents 5% of Bitcoin supply 🤯 pic.twitter.com/NYqldI5SIn
— Bitcoin Magazine (@BitcoinMagazine) June 10, 2024
Last week's activity shows that investors are increasingly treating bitcoin as a hedge against inflation and uncertainty as interest rate cuts begin in Canada and Europe.
This institutional embrace is the reason why Bitcoin ETFs have exploded so quickly despite being launched only months ago. If the current momentum continues, it seems that more and more institutional money is ready to flood the Bitcoin market.
