Spot Bitcoin ETFs in the United States have just notched their 19th day of inflows. Traders explain why it hasn’t led to a surge in the price of Bitcoin.
Despite a record 19-day streak of inflows into United States Bitcoin (BTC) exchange-traded funds (ETFs), some may be wondering why the price of Bitcoin has failed to surpass $73,679. Analysts say they have the answer.
As of June 6, Bitcoin ETFs around the world held around 1.3 million Bitcoin, or 5.2% of BTC circulating supply — with a great deal held by the U.S. listed ETFs, according to HODL15Capital.
However, analysts say many other factors influence the price and that the ETFs don’t have enough influence.
