After Bitcoin’s $100,000 mark, Today, the biggest cryptocurrency has now achieved a new milestone, with total net inflows exceeding 500,000 Bitcoins in spot ETFs this week. The development highlights Bitcoin’s growing adoption in mainstream financial markets, as these ETFs now account for over 2.5% of the cryptocurrency’s circulating supply.
Bitcoin Spot ETFs Now Hold 2.5% of Total BTC Supply
With this mark, over 2.5% of Bitcoin’s 19.8 million BTC circulating supply is now locked in Bitcoin spot ETFs since January. The number shows the growing demand for spot ETFs among institutional investors and money managers.
According to Farside, the milestone was achieved after an impressive cumulative inflow of $223.1 million into the spot Bitcoin ETFs on December 11. The steady inflow has also fueled the rally in Bitcoin, helping the cryptocurrency to reclaim the $100,000 mark.
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Leading from the front, BlackRock’s IBIT accumulated a net volume of $615.50M. On the second and third positions, Fidelity (FBTC) and Grayscale (GBTC) hold $73.73M and $83.58M in net volume respectively.
Over the weekend, Bitcoin attempted to break the six-figure milestone but faced multiple rejections. The downward pressure continued into the business week, with consecutive dips to $94,4000 on Monday and Tuesday.
However, this level held as a support point, allowing BTC to rebound. By Wednesday, the cryptocurrency surged by nearly $8,000, reaching $102,000. Despite testing this level twice within a few hours, it failed to sustain the momentum and now hovers just below $101,000.
At the time of publication, Bitcoin revolves around $101,453.68 with a marginal 0.8% surge in the last 24 hours.
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