Spot Bitcoin exchange-traded fund (BTC) has seen more than $19.3 Billion in net flows this year. This is according to Eric Balchunas a Bloomberg ETF Analyst.
Balchunas says that his social media followers (319,100) are “surprisingly” strong and that this is a good indicator of future success due to Grayscale’s GBTC unlocked and the net price change.
Balchunas notes that US ETFs have also surpassed Satoshi Nakamoto, Bitcoin’s pseudonymous inventor, in terms of the number one holders.
Bloomberg’s analyst also claims that ETF holders provide stability to the crypto assets in spite of the volatility.
What did IBIT investors do when they woke up Monday morning to find that their stock had fallen by -14% over the past weekend, after a week-long decline of 8%? Absolutely nothing. $0 flows. These boomers look like Gibraltar compared to these degens. They are lucky you have them .”
IBIT stands for BlackRock’s iShares Bitcoin Trust.
BTC was trading at $60.719 as of the time this article is written. Market cap-based ranking of the top crypto assets has seen a rise in price by more than 1.5% over the last 24 hours, and up to more than 8.0% in the previous week.
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The post Bitcoin ETFs see $19,000,000,000 net flows as BlackRock becomes the third-largest BTC holder: Bloomberg Analyst is subject to change as new information emerges.
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