Crypto Daily – ($BTC) briefly rose to $77,000 on Thursday as the U.S. Spot Bitcoin ETFs were recording their biggest daily net inflow since the funds were launched on 11 January this year. Of the 17.99K BTC bought by the funds, Blackrock’s IBIT was responsible for the vast majority, with a 14.63K BTC purchase.
Huge ETF buying forces $BTC higher
An absolutely massive amount of buying by the U.S. Spot Bitcoin ETFs is taking place, and it is having the effect of forcing the $BTC price even higher. Thursday’s net inflow of 17.99K BTC, equivalent to $1.36 billion, easily surpassed the previous record in March of $1.04 billion.
To give an idea of the size of this one-day purchase, the total daily issuance of Bitcoin is 450 BTC. Therefore, the total buying by the ETF funds on Thursday was nearly 40 times the total daily mined amount.
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