🚨🇺🇲 U S. #Bitcoin Spot ETFs Experience Record-Breaking Week

Bitcoin exchange-traded funds (ETFs) have experienced their most successful week since their introduction in January, marking a significant milestone in their growth trajectory.

*Data indicates that Bitcoin ETFs acquired over $3.3 billion worth of Bitcoin in the week ending November 22.* With Bitcoin trading consistently above $90,000 during this period, ETF issuers purchased more than 30,000 Bitcoins, which is approximately ten times the amount of newly minted Bitcoin. This surge in acquisition was described by Eric Balchunas, an ETF analyst at Bloomberg Intelligence, as "Pac-Man mode activated," highlighting the aggressive buying trend.

Bitcoin ETFs Experience Record-Breaking Week

AI Summary

According to DLNews, Bitcoin exchange-traded funds (ETFs) have experienced their most successful week since their introduction in January, marking a significant milestone in their growth trajectory. Data from SoSoValue indicates that Bitcoin ETFs acquired over $3.3 billion worth of Bitcoin in the week ending November 22. With Bitcoin trading consistently above $90,000 during this period, ETF issuers purchased more than 30,000 Bitcoins, which is approximately ten times the amount of newly minted Bitcoin. This surge in acquisition was described by Eric Balchunas, an ETF analyst at Bloomberg Intelligence, as "Pac-Man mode activated," highlighting the aggressive buying trend.

Despite the initial surge, the momentum appears to have slowed, with approximately $438 million being withdrawn from Bitcoin ETFs at the start of the following week, as reported by SoSoValue. Nevertheless, the dozen funds that collectively hold over 5% of the global Bitcoin supply remain among the most successful ETFs since the investment vehicle gained popularity in the 1990s. Although Bitcoin ETFs are smaller compared to more established funds like the Vanguard S&P 500 ETF, which manages assets exceeding $530 billion, they have reached significant milestones at an unprecedented pace.