The Spot Bitcoin Exchange-Traded Funds (ETF) saw strong demand this week, logging more than $1.7 billion inflows before trading week ended on Friday.
Sosovalue data showed that ETFs had a strong week, with nearly $800 million inflows on Wednesday. As of Thursday, ETF trackers showed that Spot Bitcoin ETF already had a net inflow of $1.7 billion this week.
The strong performance shows the largest weekly total of ETFs in nearly two months, highlighting new confidence in the asset class.
A strong ETF inflow occurred as Bitcoin (BTC) rose 4.5% from the $110,000 price last Friday to $115,000.
Spot ether ETF recovers from nearly $800 million outflow
The Spot Ether ETF also had a strong week, with net inflows of over $230 million as of Thursday. This is a sudden asset class recovery after nearly $800 million last week.
While the ETH ETF was recovering, the corporate finance owner Bitmine continued to pile up Ether (ETH) purchases this week. On Monday, Bitmine purchased 202,500 ETH and sent its holdings to the 2 million ETH milestone. The company made a follow-up purchase on Wednesday, buying a $200 million ETH from Bitgo.
Data from the Strategic Eth Reserve website shows that Bitmine currently has over 2 million ETH, worth $9.3 billion at the time of writing.
ETH Data Tracker also shows that ETH reserve companies have a total of nearly 5 million ETH, worth around $22.1 billion.
Meanwhile, ETF issuers hold 6.6 million ETH at nearly $300 billion in support of their assets. This means that around 12 million ETH, nearly 10% of the circulation supply is held by the institutions.
Related: Coinshares to be released in the US due to $1.2 billion SPAC merger
CZ compares crypto market capitalization with Nvidia
The broader crypto market also surpassed $4.1 trillion this week. This was the level we reached earlier in July and August.
Binance co-founder Changpeng Zhao highlighted the X milestone by comparing the total value across the crypto space with Nvidia and nvidia, according to 8mareTcap.
“The total market capitalization of all future money is the market capitalization of one chip company. Do mathematics,” writes Zhao.
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