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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 08, 2024 06:21 UTC
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U.S. Spot BTC ETFs Hold $78.5 Billion as Bitcoin Demand Soars
US spot BTC ETF issuers, led by BlackRock, have seen massive inflows, accumulating billions of dollars in Bitcoin.
Rising demand from institutions and potential government buying has fueled a bullish outlook for Bitcoin's price.
Increased demand and limited supply could drive Bitcoin prices higher.
The Bitcoin bull run is showing no signs of slowing down. Following strong backing for pro-crypto candidates in the U.S. and a recent Federal Reserve rate cut—mirroring similar moves in other major economies—the demand for Bitcoin (BTC) has surged. As the U.S. looks to follow El Salvador’s lead in using Bitcoin to tackle its growing debt crisis, the outlook for Bitcoin remains optimistic.
This surge in interest is fueling a positive price prediction, with demand pushing Bitcoin toward new highs. What’s next?
BlackRock Leads in Largest Cash Inflows
As a result, institutional investors, led by the U.S. spot BTC ETF issuers, have continued to aggressively accumulate more Bitcoins.
According to the latest market data, the US spot BTC ETF issuers registered a net cash inflow of $1.38 billion on Thursday, the highest since the historic approval earlier this year. BlackRock’s IBIT registered a net cash inflow of about $1.12 billion on Thursday, thus currently holding about $34.2 billion worth of Bitcoins.
Meanwhile, Fidelity’s FBTC ETF posted the second-largest inflow of around $190 million, increasing its holdings to $14.58 billion. Collectively, these U.S. spot BTC ETFs now control a staggering $78.5 billion in Bitcoin.
Interestingly, over 24,000 Bitcoins, worth more than $1.8 billion, were withdrawn from cryptocurrency exchanges in the past two days alone.
This move points to a growing trend of long-term investors and institutions moving their Bitcoin off exchanges, signaling heightened confidence in the asset.
Impact on BTC Price Action
Having printed a new all-time high above $76k, Bitcoin price is expected to grind higher in the coming weeks. Amid the rising adoption by nation-states, institutional investors, and retail traders, Bitcoin price could easily reach a six-figure dollar range before the end of this year or possibly early 2025.
Bitcoin’s supply vs demand crunch is expected to escalate further when the U.S. government begins to purchase more coins after promising to accumulate 1 million BTCs in five years.
With institutional and government-backed support fueling the fire, Bitcoin is on track to become an even more powerful force in the global economy. We can’t wait!
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