US bitcoin ETF funds have been flowing in for 18 consecutive days, and the options market is betting that bitcoin will reach a new high this month
2024-06-07 16:02:21
US exchange traded funds that invest directly in bitcoin have recorded an 18th straight day of net inflows, a record number of days in a row, as surging demand propelled the world's largest digital asset to a record high. Data showed that since its launch on January 11, a dozen such products had combined net orders of $15.60 billion as of Thursday, bringing total assets to $62.30 billion. Many speculators in the options market expect bitcoin prices to surpass the all-time highs set in March this month, helped by demand for ETFs and expectations of a Federal Reserve rate cut. " A large amount of money has flowed into spot bitcoin ETFs, "Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, wrote in the report." Macro trends continue to favor cryptocurrencies, with economic growth slowing but not receding, and inflation continuing to show signs of slowing. "
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