BTC has surged past 63.000 today, which was an important step in the recent price rally. This astonishing climb is mainly caused by the increasing impact of Bitcoin ETFs on the market.
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Decoding the Impact of Bitcoin ETF Inflows on BTC’s Price Surge
US Bitcoin Spot ETFs Performance
The performance registered by US Bitcoin Spot ETFs has been a sight to behold. Starting on July 15, $183.8 million was recorded as a daily net inflow. This means that the total to an impressive $15.99 billion.
The total net assets now stand at $54.82 billion, which is 4.52% of the asset’s entire market cap.
We are now in the seventh consecutive day of positive inflows, which has also skyrocketed investors’ confidence in BTC.
Hong Kong Bitcoin ETF Market Growth
The Hong Kong Bitcoin ETF market has also grown exponentially lately. On July 15, a single-day inflow volume of 612.24 BTC was registered, the second-highest in history outside the first day of trading.
Currently, Hong Kong ETFs hold 4940 BTC, and its daily trading volume is approximately $23 million.
Leading ETF Issuers
The two OSL partners, ChinaAMC and Harvest Global, are the country’s leading ETF issuers. Their combined power holds 2849 BTC, which accounts for 58% of the market share.
ChinaAMC’s Bitcoin ETF leads the market with approximately 2100 BTC under its management.
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Global Bitcoin ETF Market Trends
The global Bitcoin ETF market is seeing a price surge, with both the US and Hong Kong markets showing excellent performance. This trend is putting a lot of pressure on BTC’s price.
This also happens as institutional investments are increasing the demand for cryptocurrency.
Factors Driving BTC’s Price Increase
Bitcoin ETF inflows are a key driver of the current price surge, but other factors are worth mentioning:
- Increasing institutional adoption of the crypto
- An increased retail interest
- The market has a positive sentiment
- The global economic uncertainties
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Having BTC climb above $63.000 is proof of the ever-growing influence of the Bitcoin ETF on the cryptocurrency market.
As ETF inflows continue to rise and global markets show increased interest, the outlook for the asset remains positive. How long will this period last? Only the market will tell.