Following the overwhelming support of pro-crypto candidates in the United States and the recent Fed rate cut, which followed similar moves in major jurisdictions, the demand for Bitcoin (BTC) has significantly escalated. The United States is expected to follow the path of El Salvador in accumulating Bitcoins to counter the ballooning debt crisis.
As a result, institutional investors, led by the U.S. spot BTC ETF issuers, have continued to aggressively accumulate more Bitcoins.
BlackRock Leads in Largest Cash Inflows
According to the latest market data, the US spot BTC ETF issuers registered a net cash inflow of $1.38 billion on Thursday, the highest since the historic approval earlier this year. BlackRock’s IBIT registered a net cash inflow of about $1.12 billion on Thursday, thus currently holding about $34.2 billion worth of Bitcoins.
Fidelity’s FBTC registered the second-largest net cash inflow of about $190 million, thus currently holding a total of $14.58 billion, worth of Bitcoins. In total, the US spot BTC ETF issuers currently hold about $78.5 billion worth of Bitcoins.
Remarkably, more than 24k Bitcoins, worth over $1.8 billion have been withdrawn from different cryptocurrency exchanges in the past two days.
Impact on BTC Price Action
Having printed a new all-time high above $76k, Bitcoin price is expected to grind higher in the coming weeks. Amid the rising adoption by nation-states, institutional investors, and retail traders, Bitcoin price could easily reach a six-figure dollar range before the end of this year or possibly early 2025.
Bitcoin’s supply vs demand crunch is expected to escalate further when the U.S. government begins to purchase more coins after promising to accumulate 1 million BTCs in five years.
Source: https://coinpedia.org/news/blackrock-spot-bitcoin-etf-leads-with-1-12-billion-inflow-amid-btc-rally/