US Bitcoin (BTC) spot exchange-traded funds (ETFs) saw strong inflows yesterday for the third time this week. Of $188 million that is.
It has not done the Bitcoin any harm, as it rose sharply yesterday to almost $69,000. Favorable economic data from the United States also contributed to the price increase.
Bought 2,820 Bitcoins
The $188 million inflow into the eleven Bitcoin funds launched in January is shown by data from Farside Investors. The funds have jointly purchased 2,820 Bitcoins, HODL15Capital said this morning on social media platform
This is more than 6 times the number of Bitcoins that are put into circulation in one day. Since the Bitcoin halving in April this year, production has been roughly 450 Bitcoins per day. You don’t have to be an expert to understand that this difference between supply and demand is beneficial for the underlying Bitcoin price. In fact, on most trading days the funds purchase more Bitcoins than are mined.
BlackRock bought the most coins for its investors yesterday, just like the seven days before. A total of $165.5 million went to the IBIT fund, while most other funds haven’t even grown. Only Bitwise’s BITB fund is also still in the green, thanks to an inflow of $29.6 million.
With one trading day left, the funds are heading for another successful week. So far they are up almost $600 million. However, last week was even better with a total inflow of more than $2.1 billion.
Bitcoin price rejected again around $69,000
The Bitcoin price showed a strong increase yesterday. In the morning the coin sold for less than $67,000, but just before midnight you paid almost $69,000 per Bitcoin at the most.
The rise was partly driven by news that the US services sector performed better than expected last month, supporting hopes that a recession can be avoided.
Just like on Monday, the bulls have hit $69,000 again. This marks the all-time high of the previous bull market and has often halted price increases this year.
At the time of writing, the Bitcoin price is $67,700. If the price falls further, the level around $66,000 could offer salvation.
Source: https://newsbit.nl/188-miljoen-naar-bitcoin-etfs-koers-stijgt-tot-69-000/
