Oct 21, 2024
6thTrade
European investors have funneled an unprecedented $105 billion year-to-date (YTD) into U.S. spot Bitcoin ETFs, marking a historic high for European capital inflows. This milestone highlights the growing interest in Bitcoin from international markets, particularly as U.S. ETFs outperform their European counterparts.
The news was shared by Bloomberg senior ETF analyst Eric Balchunas, who noted the significant shift in an Oct. 21 post on X (formerly Twitter):
âFlows into US-focused ETFs by locals in Europe is now at a record $105b YTD. And why not? $SPY is up 24% vs 10% for Europe. Asia also funneling record flows.â
The surge in ETF inflows could be a catalyst for Bitcoin's future growth, potentially pushing the cryptocurrency to new all-time highs. In February 2024, inflows into U.S. Bitcoin ETFs accounted for roughly 75% of the capital that propelled Bitcoin past the $50,000 mark.
Despite these record-breaking European investments, Bitcoin is struggling to break back above the critical $70,000 level, a milestone last reached in late July. However, with continued investor interest and ETF growth, Bitcoinâs trajectory may soon shift upward again.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial advice. Cryptocurrency investments are highly volatile and can result in significant financial loss. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions. The views expressed in this article are those of the author and do not necessarily reflect the opinions of the publisher or any affiliated parties. Investing in cryptocurrencies carries inherent risks, and past performance is not indicative of future results. Proceed with caution.
