Bitcoin’s Price Hits $68,415, Highest Since June 2024, as U.S. Bitcoin ETFs Surpass $20 Billion in Net Flows
In a significant development for the cryptocurrency market, Bitcoin’s price surged by 2.5% in the past 24 hours, reaching $68,415, a level not seen since June 2024. This price movement comes amidst a flurry of activity in the crypto space, with U.S.-based spot Bitcoin ETFs surpassing $20 billion in total net flows, fueled by a recent $1.5 billion inflow.
The surge in Bitcoin’s price has been accompanied by a notable increase in trading volume, which soared by 12% to $35 billion in the past 24 hours, far outpacing Ethereum’s trading volume of $15.92 billion. This uptick in activity underscores a renewed interest in Bitcoin, the world’s largest cryptocurrency.
The milestone achievement of U.S.-based spot Bitcoin ETFs crossing $20 billion in total net flows has been hailed as a significant development by industry experts. Eric Balchunas, Senior ETF Analyst for Bloomberg, highlighted the importance of this milestone, noting that it took gold ETFs about five years to reach the same level of net flows.
The rapid rise in net flows for Bitcoin ETFs signals a growing institutional engagement with the cryptocurrency, marking a departure from the slower adoption curve seen with gold ETFs. The total assets under Bitcoin ETFs have now reached a record high of $65 billion, reflecting a broader acceptance of digital assets among institutional investors.
As institutional investments in Bitcoin gain momentum, the political landscape in the U.S. is also being influenced by the growing presence of cryptocurrency voters. A recent survey revealed that 26 million U.S. voters are part of a ‘crypto voting bloc,’ with 16% prioritizing pro-crypto policies when choosing candidates.
The impact of this crypto voting bloc could play a crucial role in the upcoming 2024 elections, as investors advocate for clear regulations that could either support or hinder the growth of the crypto industry. With Bitcoin reclaiming higher price levels and institutional investments on the rise, the focus now shifts to how regulatory and political decisions will shape the future of the cryptocurrency market in the U.S.
The convergence of institutional adoption through Bitcoin ETFs and a politically engaged crypto electorate sets the stage for a pivotal period in the cryptocurrency market. As the industry continues to evolve, the interplay between regulatory frameworks and political dynamics will be key in determining the trajectory of the crypto sector in the U.S.
