- Bitcoin ETFs pick up a total of 484 new coins on Thursday.
- The entire ETF fleet has purchased more than 48,000 so far in July.
- The month is shaping up to set a record after March saw inflows of over 48,000 coins.
Bitcoin ETFs Pick Up 484 Tokens
Bitcoin is making waves on Wall Street. Once again, the fast-growing exchange-traded fund industry impressed investors who showed increased appetite to own some of the so-called digital gold. Bitcoin, the world’s largest cryptocurrency, was a hot commodity on Thursday. The 11 spot Bitcoin exchange-traded funds (ETFs) that hold actual Bitcoin, picked up a total of 484 new tokens on Thursday.
The entire stack spread across all 11 investment vehicles for July amounted to a total of 48,000 Bitcoin tokens. It is shaping up to be the largest month by acquisition growth since March, which saw more than 48,000 Bitcoins pulled in.
Demand Remains Resilient Amid Price Pressures
The substantial number is an indication that, despite some headwinds in crypto and broadly in financial markets, demand for Bitcoin remains resilient. Moreover, the ETFs continue to overflow with liquidity, reassuring investors that there are plenty of tokens up for exchange, eliminating the threat of illiquid and discontinuous dealmaking.
What’s special about the Bitcoin ETFs? The novel asset class was approved by the Securities and Exchange Commission back in January. Shortly after, the price of Bitcoin spiked to a record high of more than $73,000 a piece. The ETFs allows ordinary investors to participate in the digital asset’s price fluctuations through the shares of the ETF they buy in.
In other words, they can get exposure to the spot price, instead of futures-based deals, thus mirroring the exact move of the underlying asset. The revolutionary move is a big milestone in the crypto assets’ journey toward setting foot in the financial mainstream.
What’s the Price of Bitcoin?
Against this backdrop, the price of Bitcoin remained steady on Friday, floating near $67,500 per token. Over the past five days, the orange coin is virtually flat and moving sideways as digital asset enthusiasts wait for fresh news to stir the market.
