Spot Bitcoin ETFs saw inflows of $1.8 billion last week.
U.S. spot Bitcoin exchange-traded funds (ETFs) recorded inflows of $1.8 billion last week, setting a demand record for the 18th consecutive day. This surge comes as successful Bitcoin ETFs continue to mature.
Bitcoin ETF trading volume also increased 55% from the previous week to $12.8 billion. Last week’s trading volume was the largest for any Bitcoin fund since mid-March, when Bitcoin reached nearly $74,000.
Importantly, the ETF gained approximately 25,700 BTC last week. This is roughly equivalent to the total new Bitcoin supply mined during that period. This absorption of new supply is tightening the market.
This month’s inflow has already exceeded the entire inflow in May. This follows the acceptance of Bitcoin ETF regulation in the UK, Australia, and Thailand, and political winds are also turning positive.
With total assets under management across Bitcoin ETFs now exceeding $70 billion, these funds are legitimizing Bitcoin as an institutional asset class. Their constant demand further solidified Bitcoin’s reputation.
New: Global spot Bitcoin ETF now holds over $70 billion. #Bitcoin
This is 5% of BTC supply 🤯 pic.twitter.com/NYqldI5SIn
— Bitcoin Magazine (@BitcoinMagazine) June 10, 2024
Activity over the past week 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 the Bitcoin ETF has risen so quickly despite being launched just a few months ago. If the current momentum continues, more and more institutional money is likely to flood the Bitcoin market.
