The demand for spot Bitcoin ETFs was strong this week. They recorded more than $1.7billion in new inflows, before Friday’s close of trading.
SoSoValue data showed ETFs enjoyed a successful week. Wednesday saw inflows worth nearly 800 million dollars. The ETF tracker indicated that the spot Bitcoin ETFs had already received $1.7 billion of net inflows during this past week as of Thursday.
This strong performance is the ETFs biggest weekly total for nearly two months. It shows renewed confidence in this asset class.
Bitcoin was the main driver of ETF flows.BTCLast Friday’s price, $110,000 was increased by 4.5% to $115,000
ETFs with Spot Ether recover nearly $850 million of outflows
Also, spot ether ETFs enjoyed a good week. recording Over $230 Million in Net Inflows by Thursday. It is an impressive asset recovery following a nearly $800 million outflow last week.
BitMine, a corporate treasury holder BitMine continues to accumulate Ether.ETHThis week, BitMine announced that it would be releasing a new version of the software. BitMine was launched Monday. purchased 202,500 ETH, which pushed its holdings past the milestone of 2 million ETH. A follow-up transaction was made by the company on Wednesday. buying $200 million in ETH Bitgo
Information from the Strategic ETH Reserve Website shows BitMine has over 2,000,000 ETH in its possession, which is worth approximately $9.3 Billion at this time.
ETH data tracking also shows that ETH reserves companies in total hold almost 5 million ETH valued at approximately $22,1 billion.
In addition, ETFs are holding 6.6 million ETH – worth almost $30 billion – to support the ETF assets. The institutions hold nearly 12 million ETH (nearly 10%) of the circulating stock.
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CZ compares Nvidia’s market capitalization to the cryptocurrency market cap
Crypto markets are also broader crossed The level of $4.1 trillion has risen again in the last week. previously reached in July August is here.
Binance founder Changpeng Zhao highlighted The benchmark on X is comparing the total value of crypto to Nvidia which currently stands at $4.3 trillion. according 8marketcap.
“The combined market cap of all future money is less than one chip company’s market cap. You do the math,” Zhao wrote.
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Source: cointelegraph.com
