Bitcoin ETFs See Record Inflows, Hold Over 1 Million BTC as Price Surges Above $70,000

May 28, 2024, 11:49 AM

Bitcoin ETFs have experienced significant inflows over the past few weeks, with the highest net flow in 10 weeks recorded last week. Over $2 billion flowed into US Bitcoin ETFs in the last two weeks, with a record $1 billion in the previous week alone. Thursday saw the largest daily inflow of $305 million. BlackRock's iShares Bitcoin Trust led the surge with $720 million, followed by Fidelity's $227 million. Globally, Bitcoin ETFs now hold over 1 million BTC, which is approximately 5% of the circulating supply. This surge in institutional demand has pushed the price of Bitcoin above $70,000. BlackRock and Fidelity have increased their Spot Bitcoin ETF holdings to a combined total of 448,072 Bitcoin worth $31.2 billion. Bitcoin Spot ETFs now hold approximately 1 Nakamoto of BTC.