Bitcoin ETFs Surge to 7% of Total Holdings Amid 12-Day Inflow Streak
Spot Bitcoin ETFs Reach New Heights Amid Market Surge
Bitcoin ETFs Hold Significant Market Share
Recent data reveals that spot Bitcoin exchange-traded funds (ETFs) now collectively possess 7% of the entire Bitcoin supply, translating to approximately 1,472,757 BTC valued at around US$173.16 billion. This milestone underscores the growing influence of these investment vehicles in the cryptocurrency landscape.
US Bitcoin ETFs Lead the Charge
The US market is at the forefront of this trend, with a notable influx of capital. On a single day last week, US Bitcoin ETFs attracted US$363.5 million, marking the twelfth consecutive day of positive net inflows. This trend highlights the increasing investor confidence in these funds, particularly in the US market, where only a handful of non-US ETFs make it to the top rankings.
BlackRock’s IBIT Dominates the ETF Market
BlackRock’s IBIT has emerged as a standout performer, capturing a remarkable US$496.8 million in inflows on Friday alone. This ETF has quickly become the largest and fastest-growing in history, now holding 3.4% of the total Bitcoin supply, which equates to approximately 731,515 BTC valued at US$86.7 billion. In contrast, other ETFs like Fidelity’s FBTC and Grayscale’s GBTC experienced net outflows, indicating a shift in investor preference.
Ethereum ETFs Also See Significant Growth
Ethereum ETFs have not been left behind, with over US$2 billion added in just one week. This surge coincides with Bitcoin reaching a new all-time high of US$123,091, while Ethereum has shown a robust 23% increase over the past week, currently trading at US$3,755. The overall cryptocurrency market capitalization is nearing an unprecedented US$4 trillion, driven by these developments.
Market Trends Indicate Potential Altseason
The recent performance of altcoins, including XRP, which also reached an all-time high, suggests that an altseason may be on the horizon. As investor interest grows, the broader crypto market is poised for further expansion, reflecting a renewed bullish sentiment among institutional investors.
Conclusion
The ongoing momentum in Bitcoin and Ethereum ETFs signals a significant shift in the cryptocurrency market, with substantial inflows indicating strong investor confidence. As the market capitalization approaches new heights, the potential for continued growth remains strong, setting the stage for an exciting period ahead in the world of digital assets.
