The post Bitcoin ETF Inflows Surge to $588M – Is a Major BTC Rally Coming? appeared first on Coinpedia Fintech News
The United States spot Bitcoin (BTC) Exchange Traded Funds (ETFs) registered a net cash inflow of about $588.22 million on Thursday. Having registered the highest daily total net inflow on Thursday since the beginning of this week, the US spot BTC ETF issuers now have recorded a cumulative total net cash inflow of about $40.18 billion since the historic approval by the previous SEC administration led by former chair Gary Gensler.
Notably, none of the US spot BTC ETF issuers registered net cash outflow on Thursday. BlackRock’s IBIT and Fidelity’s FBTC led in net cash inflows on Thursday of about $321 million and $209 million respectively. As a result, the US spot Bitcoin ETFs have total net assets of about $123.43 billion.
Bitcoin Price Ready for Major Liftoff
The overall demand for Bitcoin has remained strong in the recent past amid the maiden entrance by global central banks. In addition to purchasing Bitcoin directly, some central banks are investing in Bitcoin-related stocks such as MicroStrategy and Metaplanet.
Already, 15 states in the United States have introduced bills to implement a strategic Bitcoin reserve, led by Texas, Florida, Massachusetts, Ohio, and South Dakota, among others. Meanwhile, the Donald Trump administration is moving quickly to implement a national Bitcoin stockpile to hedge against the ballooning national debt of over $35 trillion.
With Gold price having surged to a new all-time high in the past 24 hours, Bitcoin price is well positioned to follow in tandem in the near future. Furthermore, Bitcoin is considered a better store of value in the long haul compared to gold by more global investors.
