
Hold onto your hats, Bitcoin fans! The U.S. is seeing a Bitcoin bonanza as spot Bitcoin exchange-traded funds (ETFs) are gobbling up more BTC than miners can dig out of the ground each day. Just this past Tuesday, November 19, a staggering almost 9,000 BTC was snatched up by these ETFs. That’s a jaw-dropping $814 million in total flowing into the eleven funds, according to reports.
Now, here’s the kicker: With only about 450 BTC being mined daily, we might be facing a major supply crunch if these big-money players keep up their current buying spree. And let's not forget the looming impact of the halving, which sliced block rewards back in April. Historically, this has led to price bubbles, and we might just see a repeat.
Big names like Ark 21Shares, Fidelity, and BlackRock had a field day with massive inflows of hundreds of millions. In just two short days, over a billion dollars have flooded into these ETFs, showing that the institutions are leading the charge, while retail investors are still warming up.
The demand for Bitcoin is heating up, and with 94.21% of all BTC already in circulation, there's only a limited supply left. Are we ready for the fireworks that could come next?
Bitcoin recently hit a record high of over $94,000, though it eased back to $92,320 as the Asian markets opened. The launch of BlackRock iShares Bitcoin Trust options on Tuesday was a significant bullish signal, with nearly $2 billion in trades on the first day alone! Analysts think these options are driving the latest price surge.
ETF Store president, Nate Geraci, highlighted how these options are game-changers, making it easier and more appealing for institutional investors to dive into the Bitcoin pool. Until now, such options were only available outside the U.S., but their launch in the world’s biggest market could supercharge Bitcoin prices if demand continues to soar.
So, dear crypto enthusiasts, buckle up and stay tuned because the Bitcoin rollercoaster is just getting started!