It seems that after the Bitcoin price surge to more than $68,000, exchange traded funds like Spot Bitcoin ETFs have increased in popularity. This resulted in net inflows of over $562 million on March 4.
Although the capital inflow this time will not be the largest, But it also shows the continued popularity of Bitcoin funds, including Grayscale Bitcoin Trust (GBTC) with $368 million in inflows and IBIT BlackRock with $420 million in inflows, and FBTC Fidelity saw the inflows largest at $404 million.
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Interestingly, Bitcoin ETF trading volume today is the second highest since its launch. Meanwhile, various funds have gradually bought and stored large amounts of Bitcoin. As a result, institutional funds currently hold approximately 5.13% of the total circulating supply of Bitcoin.
In addition, the Bitcoin ETF took just two months to reach $7.5 billion in net inflows. Although BlackRock’s IBIT ETF saw a total of $10 billion in inflows, it took the gold ETF almost two years to reach that figure.
Bitcoin is eating Gold.
Bitcoin ETF’s are inflowing in record amounts, while Gold ETF’s are flowing out in the billions.
Bitcoin ETFs have already gathered ~50% of the value of a Gold ETF in one month.
Gold has been a leader for thousands of years.
We are witness to history. pic.twitter.com/XNQLLEk122— Jeff Kirdeikis (@JeffKirdeikis) March 4, 2024
As Bitcoin ETFs continue to surge, BlackRock has announced a Bitcoin purchase for its Strategic Income Opportunities Fund in preparation for next month’s Bitcoin halving. This will cause a great demand for coins.
Source: Cointelegraph
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