According to analysis by investment firm CoinShares, Bitcoin experienced a demand shock thanks to spot ETFs.
James Butterfill, CoinShares Research Manager, said: “While 900 Bitcoins are produced per day, newly issued ETFs in the USA Requests 2 thousand 800 Bitcoins.” said.
Researcher, “This has led to assets held on exchanges falling 28% since 2020, indicating that the market is experiencing a significant demand shock.” he commented.
Spot Bitcoin ETFs in the US totaled approximately 8 billion dollars It broke a new daily record with its transaction volume. Bitcoin, which appreciated by more than 40% on a monthly basis, 63 thousand dollars level passed.
CoinShares researcher said this about why the Bitcoin price is rising:
“The price of Bitcoin was until recently linked to the expectation of lower interest rates, but with the establishment of spot Bitcoin ETFs in the US, this link has been broken. “These ETFs have had a significant impact on recent price trends.”