Forget FOMO. U.S. Bitcoin ETFs just hit “can’t stop, won’t stop” mode. Last week, they snatched up a jaw-dropping 18,644 BTC, while miners only produced 3,150 coins.
Yeah… that’s 6x the demand than the actual supply.
BlackRock’s iShares Bitcoin Trust is leading the charge. In just five trading days, it alone brought in $2.5 billion and hasn’t had a single outflow in 17 days. Other ETFs are also piling in. Total ETF inflows hit $1.8 billion last week.
Bitcoin’s Price Jump
This massive buying spree comes after Bitcoin prices jumped to $97,700 on May 2, a six-week high. It’s cooled off slightly since then, now trading around $94,000. But that hasn’t slowed down the inflows. Institutions are still going heavy.
And here’s the crazy part. Even with these ETFs pulling in billions, most wealth platforms still don’t even allow financial advisors to recommend them. Industry experts are calling it a one-handed situation.
So when those restrictions finally lift, this whole thing could possibly explode.
70+ Crypto ETFs Awaiting Approval
Meanwhile, the SEC has more than 70 crypto ETF filings sitting on their desk. A decision on a Litecoin ETF is due May 5. And Bloomberg analysts say Litecoin might actually have a shot at early approval, though a delay is more likely.
So what does this mean for investors? Demand is clearly heating up. ETFs are vacuuming up supply faster than it’s being created. If the trend continues and access widens, the impact on crypto markets could be massive.
Long story short: this is just the appetizer. Wall Street’s appetite for Bitcoin isn’t slowing down, and if you’re not paying attention, you might miss the main course.