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Story
Bitcoin ETFs See $1.8 Billion Inflows, Hedge Funds Short Futures
Jun 9, 2024, 03:34 PM
Bitcoin ETFs have seen significant inflows recently, with U.S. Bitcoin ETFs purchasing 25,700 BTC in the first week of June alone, equivalent to two months' worth of mining supply. This brings the total Bitcoin held by ETFs to over 1 million BTC, representing 5% of the BTC supply. BlackRock's Bitcoin ETF, IBIT, has been a major player, contributing significantly to these inflows, including 13,426 BTC worth $932 million. Despite these large purchases, Bitcoin's price has remained relatively stable, leading to questions about market dynamics. Hedge funds have been heavily shorting Bitcoin futures, potentially setting the stage for future price movements. Comparisons have been drawn to gold ETFs, which took years to achieve similar inflows. The rapid accumulation by Bitcoin ETFs, which have seen $14 billion in net new flows, suggests a growing institutional interest in the cryptocurrency market. Bitcoin ETFs have also marked their 19th day of inflows, with $1.8 billion flowing into them this week alone.
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