Crypto Daily – After the 3rd biggest inflow in terms of US dollar equivalent in BTC on Wednesday, Thursday has now seen the 2nd biggest inflow, as the U.S. Spot ETFs purchased another $896.3M (NYSE:) worth of $BTC. As these massive amounts of BTC are being hoovered up out of the market, the $BTC price is coiling up ready to explode higher.
Two days of massive buying
In just these last two days, the U.S. Spot Bitcoin ETFs have purchased more than 24,000 BTC, which equates to $1.72 billion, which in turn is equal to more than 53 times the total daily mined issuance of 450 BTC.
It is also good to bear in mind that this amount of Bitcoin purchasing is just from the 9 U.S. Spot Bitcoin ETFs, with the lion’s share of this coming from Blackrock’s IBIT ETF.
If one takes into consideration that most of the retail interest has not even arrived yet, and that the vast bulk of the institutions are still eyeing Bitcoin from afar; and that most of those that have bought,…
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