- Over 86% of the world’s Bitcoin ETF holdings, or $62 billion, are held by US Bitcoin ETFs, pushing the price of Bitcoin past $71,000.
- On June 4, US spot Bitcoin ETF inflows reached about $900 million, the second-highest since the funds’ debut in January 2024, bolstering investor confidence.
US Bitcoin ETFs are attracting a lot of attention from investors; their growth is still steady, and their impressive inflows indicate a significant change in the dynamics of the market.
US Bitcoin ETFs Drive Worldwide Market Upswing
According to an update by HODL15Capital on worldwide Bitcoin ETF holdings as of June 4, 2024, 34 ETFs had 1,020,000 Bitcoins valued at $72 billion. Remarkably, US Bitcoin ETFs alone are holding $62 billion in BTC, which makes up more than 86% of all the Bitcoin that worldwide ETFs are holding.
Significant inflows into US Bitcoin ETFs, particularly spot Bitcoin ETFs, have been the driving force behind the current spike in prices of Bitcoin, which has seen the cryptocurrency surpass $71,000.
With around $900 million coming in on Tuesday, June 4, the second-highest single-day inflow since these ETFs started on January 10, 2024, the inflow has boosted market confidence.
10X Research, which has published upbeat predictions forecasting Bitcoin will soon hit a new all-time high, supports the positive stance. They put this down to a number of things, one of which is inflation, which fuels Bitcoin’s hedging function.
Political and Regulatory Support Drive US Crypto Revival
Stronger friendly regulatory settings and stronger political backing are factors that add to the positive outlook. Notable developments include the growing influence of Donald Trump, a proponent of cryptocurrencies, in the presidential race and the rise in political contributions from the cryptocurrency industry.
This is a significant change from the previous year, when trading volumes moved to Asia as a result of strict US regulatory measures.
The Securities and Exchange Commission (SEC) unexpectedly started accepting ETFs that invested in Ether in late May, signaling a major change in SEC policy.
Significant financial firms like BlackRock and Fidelity launched spot Bitcoin ETFs on January 11; since then, they have amassed $61 billion in assets and changed trading patterns to better correspond with US market hours.
These events indicate that the US cryptocurrency sector is on the rise, and Bitcoin ETFs are an important part of this changing environment.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
