Crypto News

Bitcoin ETFs See Record Inflows As Bitcoin Hits New High

Today marked a historic milestone for Bitcoin exchange-traded funds (ETFs) as total net inflows surged to an unprecedented $1.05 billion, setting a new single-day record since the inception of ETF trading. 

This remarkable surge in inflows, representing a staggering 108% increase from the previous trading day, coincided with Bitcoin meteoric rise to $73,000, further solidifying the cryptocurrency’s status as a global asset of considerable value.

The cumulative net inflow into all 10 Bitcoin ETFs now stands at an impressive $11.14 billion, reflecting the sustained investor interest and confidence in the digital currency market.

Notably, BlackRock’s IBIT ETF has emerged as a dominant player in the space, boasting a substantial holding of 203,755 BTC valued at $14.8 billion. 

With this remarkable accumulation, IBIT now stands as a formidable competitor to industry giants like MicroStrategy, falling short of approximately 10,000 BTC behind the holdings of the US Government.

Significant Shifts In Bitcoin Wallet Distribution To Monitor

In parallel with the surge in ETF inflows, on-chain data provided by Santiment highlights significant shifts in Bitcoin wallet distribution patterns.

Despite Bitcoin’s continued ascent to new all-time highs over the past two weeks, the number of small wallets holding less than 0.1 BTC has witnessed a notable increase, totaling an additional 277,000 wallets.

Conversely, wallets holding 1,000 BTC or more have experienced a slight decline, indicating a redistribution of ownership within the Bitcoin ecosystem.

Meanwhile, on the trading front, an astute whale trader who has amassed considerable profits from Bitcoin made a strategic move by depositing 100 BTC ($7.22 million) into Binance to capitalize on recent gains. 

Having commenced accumulation of BTC in August 2023, the trader has meticulously managed their holdings, withdrawing 8,500 BTC ($279 million) from Binance at an average price of $32,854 before redepositing 4,300 BTC ($183 million) at an average price of $43,534. 

With a current holding of 4,300 BTC valued at $313 million, the trader has realized an estimated profit of approximately $217 million.

Overall, the confluence of record-breaking ETF inflows, shifting wallet dynamics, and strategic trading maneuvers underscores the dynamic nature of the Bitcoin market and highlights the continued allure of digital assets among investors worldwide.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: sinenkiy/123RF // Image Effects by Colorcinch

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