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13.03.2024 22:43, Vladimir Chizhevsky
Bitcoin reached its all-time high for the fourth time in six days. This was largely due to a record influx of funds into exchange-traded funds (ETFs) linked to the first cryptocurrency in the United States.
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The world’s largest cryptocurrency peaked at $73,678.86 (according to CoinDesk), and then its rate fell slightly – to approximately $73 thousand at the time of writing. Meanwhile, daily inflows into US spot Bitcoin ETFs exceeded $1 billion, according to Bloomberg. At the same time, BlackRock’s IBIT spot exchange-traded fund set its own record of $849 million in a day.
«The reason for this jump is obvious – the huge demand for physically-backed ETFs and the low depth of the market. As issuers buy huge amounts of Bitcoin to back their own ETFs, the overall supply continues to shrink“- commented Manuel Villegas, digital assets analyst at the Swiss private bank Julius Baer.
According to Villegas, the weekly supply of Bitcoin is 6,300 units.negligible” compared to demand for cryptocurrency exchange-traded funds, which has reached 40 thousand bitcoins in recent weeks. Also note that earlier this week, Bitcoin’s total capitalization exceeded $1.3 trillion, which exceeds the total market value of silver.
2024-03-13 19:43:00
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