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Cryptocurrency News Articles
Spot Bitcoin ETF Market Heats Up as Institutional Demand Skyrockets, BlackRock Leads the Charge
Sep 28, 2024 at 02:57 pm
The U.S. spot Bitcoin ETF market is on fire, with inflows soaring past $1 billion this week! Thanks to the Fed’s rate cuts, institutional demand for Bitcoin skyrockets, and BlackRock is leading the charge.
Fresh institutional capital continues to pour into the spot Bitcoin ETF market, with inflows soaring past $1 billion this week. Driven by the Federal Reserve's rate cuts, institutional demand for Bitcoin has surged, with BlackRock leading the charge.
According to data from FinViz, Ark Invest's ARKB ETF saw the highest inflows of $203.1 million on Friday, followed by Fidelity's FBTC ETF with $123.1 million and BlackRock's IBIT ETF with $111.7 million. Together, these three funds alone purchased 6,661 BTC from the open market in a single day.
Over the past week, a total of 17,009 BTC were snapped up by spot Bitcoin ETFs, while MicroStrategy also announced the purchase of 7,000 BTC, bringing the total institutional demand to over 24,000 BTC. This compares to a daily production rate of 450 BTC for the leading cryptocurrency.
With a large portion of the newly mined Bitcoin being absorbed by ETFs and MicroStrategy, a supply squeeze is evident in the market. This strong demand has contributed to Bitcoin's price上涨 5% over the past week. At the time of writing, BTC is trading at $66,071.29, with a market capitalization of $1.305 trillion. Investors are positioning themselves in anticipation of a potential bull run in the fourth quarter of 2024.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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