Resume: Bitcoin ETFs Inflows Soar with Price Remaining Stagnant
Bitcoin exchange-traded funds (ETFs) in the United States are experiencing a surge in inflows, with a 19-day streak of increased demand pushing total inflows over $15.6 billion. However, Bitcoin’s price has not breached the $73,679 mark despite this surge.
Bitcoin Inflow Breaking Records
US Bitcoin ETFs have attracted over $15.6 billion in cumulative inflows since their launch, with total assets reaching $62.3 billion. Global Bitcoin ETFs now hold about 1.3 million BTC, accounting for 5.2% of the circulating supply.
- Success of ETFs by industry giants BlackRock Inc. and Fidelity Investments indicates a shift in crypto’s focus to the US.
SECβs Role and Market Adoption
SEC’s approval of spot Bitcoin ETFs in January and spot Ethereum ETFs in May signals regulatory changes. Chair Gary Gensler’s concerns about compliance are being addressed through congressional efforts to clarify crypto legislation.
- Ophelia Snyder from 21 Shares AG sees huge growth potential in digital asset fund adoption.
Still, Bitcoin Struggling
Despite increased inflows into US Bitcoin ETFs, Bitcoin’s price has not crossed $73,679. Speculators expect a breakthrough this month due to ETF demand and hopes of Federal Reserve interest-rate cuts.
- Bitcoin is currently trading at $71,080 with low trading volume and a market cap of $1.4 trillion.
Hot Take: What’s Next for Bitcoin’s Price?
With Bitcoin ETF inflows continuing to rise, will the price of Bitcoin finally surge past $73,679? Stay tuned for more updates as the crypto market dynamics evolve!
Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content. Cino’s contributions serve as a valuable compass for both seasoned enthusiasts and newcomers, guiding them through the dynamic landscape of cryptocurrencies with well-researched perspectives. With a commitment to precision, he empowers informed decision-making within the ever-evolving crypto sphere.
