Bitcoin prices have hit a record high of nearly $69,000 due to US Bitcoin Spot ETFs getting an inflow of $2 Billion in the past 2 weeks
US Bitcoin spot ETFs pulled an astronomical amount in investments in the last two weeks. The amount poured into US BTC Exchange Traded Funds is $2 Billion. These fund inflows have continued to pour in Bitcoin ETFs for the 10th consecutive day.
The data from Farside Investors revealed that the highest inflow in Bitcoin ETFs was $270 Million by Blackrock’s BTC ETF, iShares Bitcoin Trust (IBIT). Following closely behind was Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $227 Million.
Last week the order of inflows was reversed between these two investment firms. Bitcoin prices meanwhile have continued their bullish uptrend reaching nearly $69K on account of these heavy inflows.
Bitcoin Spot ETF: Big Market Rally?
BTC is surging at an all-time high bringing Bitcoin investors on cloud nine. This can be attributed to one prime reason—the SEC’s decision to approve Bitcoin ETFs. This was closely followed by Donald Trump’s pro-crypto stand during his Presidential election re-run campaign.
The US government’s softening stand on crypto due to Joe Biden’s election campaign is also a strong factor.
BTC ETFs still need S-1 form approval to begin trading. Bitcoin Spot ETF experts believe these approvals will take weeks to months but now it is an eventuality for Bitcoin Spot ETFs.
Bitcoin Spot ETF: Experts Opinion
BTC is entering now a stage of accumulation. The first cryptocurrency after its fourth halving had stagnated with high volatility putting it into a post-halving “danger zone” according to investors. After the selling pressure weakening since last week, BTC has started its dream bull run.
With Ethereum ETFs and Solana ETFs also in the pipeline, BTC Spot ETFs will continue to soar high in the marketplaces.
Crypto markets is a highly volatile place where prices go tailspin for one reason or another. One should do their own research or seek financial advice before investing.
Also Read: Bitcoin transactions cross 1 Billion mark after 15 Years
