bitcoin spot exchange-traded funds (ETFs) in the US attracted $1.8 billion in inflows last week, their 18th consecutive record day of demand. The rise comes as successful bitcoin ETFs continue to mature.
Trading volumes in bitcoin ETFs also increased 55% week over week to $12.8 billion. Last week's haul was the largest in bitcoin funds since mid-March, when bitcoin hit nearly $74,000.
Significantly, ETFs acquired around 25,700 btc last week, almost equal to the new total x.com/BitcoinMagazine/status/1799557038030127507″>Mined bitcoin Supply during this period. This absorption of new supply is tightening the market.
This month's wave of entries has already surpassed May's total entries. This follows regulatory adoption of bitcoin ETFs in the UK, Australia and Thailand, while political winds are also shifting positively.
With total assets under management in bitcoin ETFs exceeding $70 billion, the funds continue to legitimize bitcoin as an institutional asset class. Its uninterrupted streak of demand further cements bitcoin's reputation.
<blockquote class="twitter-tweet”>
NEW: Global bitcoin Spot ETFs Now Hold Over $70 Billion in twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
That's 5% of the btc supply pic.twitter.com/NYqldI5SIn
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1800125591615836273?ref_src=twsrc%5Etfw”>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 acceptance is why bitcoin ETFs have skyrocketed rapidly despite launching just a few months ago. If the current momentum holds, more and more institutional money appears poised to flood the bitcoin market.
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