Spot Bitcoin ETFs Record Massive Inflow
On Thursday, spot Bitcoin ETFs saw a net inflow of $477.4 million, marking the 15th consecutive inflow as demand continues to grow against supply. BlackRock’s iShares Bitcoin ETF holdings surpassed $6 billion, and Bitwise Bitcoin ETF saw the 2nd largest day since its launch.
BlackRock Dominates Spot Bitcoin ETF Records Net Inflow
The latest data by BitMEX Research indicates that BlackRock’s iShares Bitcoin ETF registered an impressive inflow of $339.9 million on Thursday, leading all its competitors by a wide margin. Bitwise Bitcoin ETF comes next with a $120.2 million inflow, while Fidelity Bitcoin ETF’s inflow has further slowed to $97.4 million on Thursday.
The total inflow for spot Bitcoin ETFs, excluding GBTC, was actually $652 million after GBTC saw a $174.6 million outflow.
Bitcoin High Demand Concerns
Senior analyst Vetle Lunde at K33 Research revealed that the net U.S. spot ETF flow has surpassed 100,000 BTC, raising concerns about sustainability at current Bitcoin prices. The demand has crossed 10x supply, with MicroStrategy’s Michael Saylor also pointing out 10x demand than supply dynamics in a recent interview.
Bitcoin maximalist Samson Mow expressed concerns over high demand from spot Bitcoin ETFs, stating that this level of demand is not sustainable at current Bitcoin prices. As a result, BTC price fell 1% in the past 24 hours and the trading volume has decreased by 13%, indicating a decline in interest among traders.
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