Bitcoin Demand from ETFs in June Surpassed Miners' Capacity
From soft4bro Author: Robert Strickland (crypto-journalist)
In the first week of June, bitcoin ETFs in the US bought eight times more bitcoins than were mined by miners, spending $1.83 billion. From June 3 to 7, 11 exchange-traded funds bought 25,729 bitcoins, while only 3,150 bitcoins were mined during the same period.
According to HODL15Capital, the volume of bitcoins acquired in June was almost as much as the entire amount purchased in May — 29,592 BTC.
Capital inflows into American spot bitcoin ETFs continued for 18 consecutive days, marking the longest period of inflows in history. The net inflow of funds since the beginning of the year has increased to $15.5 billion. The total value of assets under management by the 11 US bitcoin ETFs reached $61.1 billion, approximately 4.47% of the existing coins.
The volume of assets under management by bitcoin ETFs has reached 60% of that of gold ETFs, despite gold exchange-traded funds having been in the market for about 20 years, whereas bitcoin ETFs were introduced just five months ago. This was noted by the president of ETF Store, Nate Geraci.
A record inflow of funds into spot bitcoin ETFs — over $1 billion — was recorded during the trading session on March 12. The second-largest daily investment inflow in the history of bitcoin funds was recorded on June 4 — $887 million. According to Cointelegraph, bitcoin reaching the $71,000 mark on June 5 coincided with investment inflows into the funds.
An important factor influencing the dynamics of the crypto market remains US inflation. Experts at 10x Research, led by Marcus Thielen, cited unemployment data along with other macroeconomic indicators as key conditions for bitcoin reaching a new high.
To confirm his forecast for bitcoin growth, Thielen expects the publication of the US Consumer Price Index (CPI) on June 12. A CPI decrease of 0.1%, to 3.3% or below, as it was in May, could become a catalyst for a new bitcoin rally. In May, after the CPI decreased by 0.1%, the first cryptocurrency rose by 7% within five days, reaching $71,400.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Overnight US stock market crash: A reflexivity storm triggered by a $100 billion “early exit”
A wave of $100 billion in mechanical selling pressure triggered a "head start" on Wall Street, but these early moves by smart money instead accelerated the sell-off: the Nasdaq fell 6.4% in a single day, semiconductors plunged 12%, and the “best of the year” AI and energy barbell trades collapsed within 48 hours. Even more dangerously, lagging selling pressure is still on its way. This reflexive storm demonstrates that when everyone knows the same script and acts on it simultaneously, the script itself stops working.
U.S. stocks plunge amid midterm election turbulence! Wall Street's bullish expectations dashed, short-term selling pressure may be hard to ease
For weeks, major Wall Street trading institutions have been saying that stock market gains would resume after the US midterm elections. However, Thursday's market performance brought a dramatic reversal to this prediction.
Bernstein Comments on Datadog (DDOG.US) Q3 Financial Report: Strong Performance but Guidance "Not Surprising", Lowers AI Business Revenue Expectations
Bernstein lowered Datadog's target price from $350 to $273, but maintained its "outperform" rating.
S&P evaporates 2.8 trillion in a single day, BTIG warns: This is not the bottom, the real sell-off has just begun
BTIG Chief Technical Strategist Krinsky warns that yesterday's sharp decline in the US stock market is not the bottom, but just the beginning. Nearly 70% of S&P 500 components are still trading above their 200-day moving average, and elevated breadth indicators suggest that the sell-off is far from over. If "defensive sectors" such as healthcare and consumer staples start to fall as well, the real "generals and soldiers falling together" will occur, and the S&P may head straight for 7000 points.
Crypto prices
More
