Bitcoin Purchased By ETFs Surpass 12,000 Mark This Week With Optimism

Key Points:

• Spot market Bitcoin ETFs attracted over $1.68 billion in inflows over ten days, with $252 million on May 24 alone.
• Currently, the total amount of Bitcoin purchased by ETFs constitutes 4.36% of the total Bitcoin supply.
• The SEC’s approval of ETFs coincides with a surge in speculation and the establishment of new venture capital and hedge funds.

New HODL15Capital data has revealed a significant surge in spot market Bitcoin (BTC) exchange-traded funds (ETFs), reporting ten consecutive days of inflows totaling over $1.68 billion.

Read more: Spot Ethereum ETF vs. Spot Bitcoin ETF: Investments That Will Explode In The Future

Bitcoin Purchased By ETFs Hit Impressive Milestone This Week

On May 24 alone, the total net inflow reached $252 million, marking a consistent upward trend over the past week. Notable contributors to this influx include BlackRock’s IBIT ETF, with an inflow of $182 million, and Fidelity’s FBTC ETF, with $43.7083 million. Combined, Bitcoin purchased by ETFs on May 24, reaching 3,654, and over 12,000 throughout the week.

These ETFs offer investors exposure to Bitcoin, allowing them to tap into the crypto asset’s market potential without directly purchasing it. Currently, Bitcoin purchased by ETFs constitutes 4.36% of the total Bitcoin supply, valued at $59.07 billion, as shown by SoSo Value.

SEC Approves Ethereum ETFs Amid Growing Investor Interest

Moreover, the Securities and Exchange Commission (SEC) has recently approved spot Ethereum ETFs, signaling a widening acceptance of cryptocurrency investment vehicles. Following the success of Bitcoin ETFs, the market has witnessed a surge in speculation, with new funds emerging at an accelerated pace.

The cryptocurrency investment landscape witnessed a significant surge in activity, with 25 new venture capital and hedge funds established, according to Crypto Fund Research. This marks the highest number of fund launches since the second quarter of 2021, highlighting a growing interest in digital assets among investors.

Comparatively, the number of newly established funds has doubled from those closed during the same period, indicating a bullish sentiment prevailing in the market. Moreover, the figure represents nearly three times the number of funds introduced in the first quarter of 2023.