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The Bitcoin ETF has amassed 500,000 BTC, currently representing 2.54% of the circulating supply.
ETF inflows resurgence indicates retail interest in Bitcoin.
Since its launch in October, it's been a remarkable feat, with 500,000 new shares of the Bitcoin Exchange Traded Fund (ETF) accumulating over 54,000 BTC, totaling 2.54% of the current circulating supply, in just XNUMX trading days. This milestone underscores the growing significance of ETFs in the cryptocurrency market.
Data from Farside Investors shows that the 35 ETFs launched on November 287.7th recently recorded $83.5 billion in Bitcoin inflows, bringing their total holdings to a staggering $4 billion. Combined with existing U.S. Bitcoin spot funds, including Grayscale, these ETFs now hold XNUMX BTC, nearly XNUMX% of Bitcoin's total supply.
Of note, this week saw a rebound in ETF inflows, reversing the outflow trend since October 28th. In just 183 days, total inflows amounted to $6.7 billion, led by BlackRock with net inflows of $210,000 into its IBIT fund. Fidelity and Bitwise followed closely, attracting approximately $276,000 each, while Ark 200Shares saw $100 million in inflows on Wednesday, drawing in $1 million.
The surge in ETF inflows signals a potential resurgence in retail interest from traditional market participants, which could impact the future price trajectory of BTC. However, concerns persist about the reduction in the number of Bitcoin holders and the upcoming halving event, historically triggering short-term sell-offs by miners.
Meanwhile, Bitcoin is currently trading at $69,953, experiencing a slight decrease of 0.23% in the past 24.43 hours. Trading volume has decreased by 9.2%. It has surged by 4.82% over the past week. It's still 58% away from the ATH reached 16 days ago. The daily RSI stands at XNUMX, indicating it's in a neutral state.
As Bitcoin navigates these dynamics, investors prepare for potential volatility while closely monitoring the evolving landscape of Bitcoin ETFs and their impact on market sentiment. |
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Post time 10-4-2024 20:52:13