The net inflows of Bitcoin spot ETFs increased significantly last week, reaching US$3.38 billion, setting a record since their listing in January this year, further pushing the total asset size of these ETFs to US$107.49 billion, accounting for approximately 10% of the total market value of Bitcoin. 5.48%.
According to data from SoSo Value, BlackRock’s “iShares Bitcoin Trust (IBIT)” topped the list of Bitcoin spot ETFs with net inflows of US$2.05 billion last week.
While huge amounts of money are pouring into Bitcoin spot ETFs, the market continues to attract high attention from investors.
It is worth noting that more than 35,500 Bitcoins have flowed out of exchanges in the past 7 days, and the current total balance of Bitcoins held by various exchanges is 2.2992 million, a record low. This trend shows that investors are increasingly favoring long-term holdings rather than short-term trading, further solidifying the growing presence of institutions in the cryptocurrency market.
In addition, the market also expects the size of the Bitcoin ETF to surpass the gold ETF by Christmas. The current asset size is US$107 billion, accounting for approximately 86% of the total net assets of the gold ETF.
Bitcoin has soared for days last week, triggering market discussions on its stability and long-term value compared with traditional assets such as gold. While Bitcoin has hit a new all-time high of $99,500, edging closer to the six-figure mark, gold has also returned 30% year-to-date.
However, George Milling-Stanley, chief gold strategist at Wells Fargo (State Street), warned that Bitcoin’s rise may give investors “misperceptions” compared to gold’s long history as a reliable store of value. The outlook for cryptocurrencies remains uncertain.
George Milling-Stanley said in an interview with (CNBDC): "To be honest, Bitcoin is a speculative tool that pursues returns, and investors are rushing to invest in such high-return targets."
He believes that investors who value the safety of gold should think carefully before buying Bitcoin because there may be risks of manipulation in the cryptocurrency market.
"The U.S. Bitcoin spot ETF attracted US$3.38 billion in gold last week, setting a record since its listing." This article was first published on (Block Guest).
