Bitcoin Spot ETFs in Buying Frenzy: 18-Day Record Set

For 18 consecutive days, Bitcoin ETFs have recorded positive inflows, with daily amounts ranging from $25 million to $886 million, setting a new record.

Record-Breaking Inflows

Bitcoin ETFs are on an impressive streak. Over the past 18 days, these financial instruments have consistently seen positive inflows, highlighting increased investor interest. The inflows have varied significantly, from $25 million to a staggering $886 million.

BlackRock Leads the Charge

BlackRock, the world’s largest asset manager, has been a major player in this buying spree. On June 6, 2024, BlackRock purchased $350 million worth of Bitcoin, further solidifying its position as the leading Bitcoin ETF holder, surpassing even Grayscale.

Market Impact

This aggressive buying has had a notable impact on Bitcoin’s price. Currently, Bitcoin is trading at $71,000, approaching its all-time high of $74,000. Just at the beginning of the month, Bitcoin was valued at $58,000.

Significant Holdings

U.S. Bitcoin ETFs now control 4.55% of the total circulating Bitcoin supply. Globally, exchange-traded Bitcoin products hold over one million BTC.

Will Bitcoin break its all-time high soon? The market is watching closely.

For more details, visit Bloomberg.