Institutional Demand Pushes Bitcoin Over $73K Milestone
Bitcoin recently broke past the $73,000 mark, approaching its all-time high before a slight pullback, largely due to rising institutional demand. This surge in interest has particularly been reflected in U.S.-based spot Bitcoin ETFs, which continue to see increased inflows.
Data from CryptoQuant’s CEO shows that, over the past year, about 278,000 BTC have flowed into U.S. spot Bitcoin ETFs, with institutional investors making up a significant portion. Approximately 80% of these investments came from retail investors, while over 670,000 BTC are now held by large “whale” wallets, each containing over 1,000 BTC. According to Ki Young Ju, institutional demand has outpaced retail by nearly double in custodial wallets.
Reports from CryptoGlobe reveal that U.S.-based Bitcoin ETFs now collectively hold over 1 million BTC, with a market value exceeding $70 billion. This year alone, spot Bitcoin ETFs have attracted an additional $23 billion, with Bitcoin’s price rising over 70% since January to reach its current level above $72,000.
Leading ETF fund IBIT has seen record trading volumes, with $3.3 billion traded in a single day, a trend highlighted by Bloomberg analyst Eric Balchunas. Balchunas noted that while ETF trading volumes often rise when markets dip, a “FOMO” effect among investors could be driving this unusual spike.
The milestone of 1 million BTC held by ETFs fittingly coincides with the anniversary of Satoshi Nakamoto’s release of the Bitcoin white paper on October 31, 2008.
Disclaimer: This article is for informational purposes only and should not be considered financial or investment advice.
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