Coinspeaker
Bitcoin Price Rally Past $70,000 Welcomes Record Capital Inflows Thanks to Spot BTC ETFs
Bitcoin’s recent rally has ushered in a wave of unprecedented capital inflows, driven largely by short-term whales and spot BTC ETF buyers. These investors have collectively realized a substantial 16% unrealized profit, amounting to a staggering $16.3 billion. Despite some recent outflows from US exchange-traded funds, Bitcoin has shown remarkable resilience, surging back above the $70,000 mark.
In a recent tweet, Ju talked about the huge increase in short-term Bitcoin whales, such as spot ETF buyers, who have added up an amazing 16% unrealized profit worth a total of $16.3 billion.
#Bitcoin is experiencing historic capital inflows.
Short-term $BTC whales, including spot ETF buyers, have gained a 16% unrealized profit, totaling $16.3 billion.
Spot ETFs deserve appreciation for their contribution to the crypto industry. pic.twitter.com/5MFFQyqsN6
— Ki Young Ju (@ki_young_ju) March 26, 2024
Last week, almost $900 million was taken out of those ETFs. This was due to steady withdrawals from the Grayscale Bitcoin Trust and a drop in orders for products from BlackRock Inc and Fidelity Investments.
Bitcoin’s rise in capital inflows comes at a time when cryptocurrencies are becoming more widely accepted as valid investments by both institutions and regular people.
Spot ETFs: Empowering Investor Access
Ju’s ideas shed light on the big effect spot ETFs have on the crypto industry, recognizing their part in making Bitcoin easier for more buyers to access.
New reports from QCP Capital show that there has been a huge increase in client demand for Bitcoin spot exchange-traded funds at the wealth desks of big banks. Along with this rise, there has been a noticeable rise in requests for structured products such as Accumulators and FCNs (Financial Contracts for Differences).
Bitcoin Market Performance
The market performance of Bitcoin has been remarkable, with the cryptocurrency rising back above $70,000 despite the withdrawals from ETFs.
The values of other cryptocurrencies also increased, with Bitcoin rising as high as 11.1% to $71,016. Prior to this, Glassnode revealed a net influx of 4.4 billion in volume, underscoring the increased confidence and interest that both institutional and individual investors have in Bitcoin.
An optimistic scenario for Bitcoin can be drawn by the spike in capital inflows and the demand for BTC spot ETFs. The increasing acceptance of cryptocurrencies by institutions and the general public suggests that Bitcoin is becoming recognized as a reliable investment option.
The Bitcoin market is expected to continue to grow and mature as more investors look for exposure to BTC through spot ETFs and other investment vehicles.
Bitcoin Price Rally Past $70,000 Welcomes Record Capital Inflows Thanks to Spot BTC ETFs
