Bitcoin (BTC) exchange-traded funds (ETFs) in the United States yesterday reported inflows of more than $870 million, the third highest figure since these financial instruments went on the market in January 2024.
According to data from SosoValue, BlackRock’s iShares Bitcoin Trust (IBIT) had positive capital flows of more than 642 million dollarswhile the Fidelity Wise Origin Bitcoin Fund (FBTC) of the Fidelity firm registered inflows of more than 133 million dollars.
For its part, Bitwise’s Bitwise Bitcoin ETF (BITB) reported inflows of $52 million and Grayscale’s Grayscale Bitcoin Mini Trust (BTC) had inflows of $29 million.
Meanwhile, VanEck’s VanEck Bitcoin ETF (HODL) and Ark & 21Shares’ ARK 21Shares Bitcoin ETF (ARKB) recorded inflows of $16 million and $12 million, respectively.
The Grayscale Bitcoin Trust (GBTC) was the only fund that had outflows of $17 million while the remaining 5 ETFs reported no capital flows. Since its launch on the market, These financial products recorded inflows of more than $23 billion.
Entries and exits in bitcoin ETFs since their market launch. Source: SosoValue.
The 870 million dollars boosted the price of the digital currency created by Satoshi Nakamotothat was less than $1,000 away from breaking the all-time high (ATH) of $73,400 which he noted on March 14, 2024.
At the time of publication of this note, the price of bitcoin exceeds $72,350, as seen in the following chart TradingView:
Bitcoin price so far in 2024. Source: TradingView.
As CriptoNoticias has explained, for its operationthe performance of ETFs has a direct impact on the price of the digital asset. What happens is that the management companies of these instruments need to have BTC in their treasuries to maintain adequate support for the funds.
That is to say, if there is a great demand for ETFs, Companies must go to the market to buy BTC, which causes the price to rise.
To measure the success they have been having, the 12 spot bitcoin ETFs in the United States are close to surpass Satoshi Nakamoto as the largest holders of the digital currency.
Since January to date, they have already accumulated a total of 983,334 BTC, leaving only 16,666 BTC away from the wallet attributed to the creator of BTCwhich contains one million BTC, according to data provided by Eric Balchunas, Bloomberg financial analyst.
Finally, it is worth noting that the presidential elections in the United States they gave him a extra boost to bitcoin and to the Cryptocurrency market. Digital assets were one of the campaign topics of candidate Donald Trump (Republican) and his counterpart, Kamala Harris (Democrat).
Although the two expressed a position in favor of the cryptocurrency industry, the market seems to be leaning towards a Trump victorywho expressed a clearer approach and promised friendly measures to encourage the growth of the sector.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.