Bitcoin Tops $73,000 to Hit New Record On Insatiable ETF Demand [BNN Bloomberg (Canada)]
JULIUS BAER GRP UNSP/ADR (JBAXY)
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Source: BNN Bloomberg
The world's largest cryptocurrency reached a high of $73,664 on Wednesday, before paring its rise slightly to trade at around $73,080 as of 8:29 a.m. in New York. Meanwhile, net daily inflows into US spot Bitcoin ETFs on Tuesday topped $1 billion for the first time, data compiled by Bloomberg show, with BlackRock's IBIT setting its own record at $849 million in daily flows. Read More: VanEck's Bitcoin ETF Sees $200 Million Inflow After Waiving Fees “The reasons behind the rally are pretty clear. A rampant demand for the physically-backed ETFs amid a low market depth backdrop,” said Manuel Villegas, digital assets analyst at Swiss private bank Julius Baer. As issuers buy up large piles of Bitcoin to support their ETFs, the token's overall circulating supply has begun to dwindle. Bitcoin's weekly issuance of roughly 6,300 tokens is “utterly dwarfed” when contrasted against the ETFs' token demand from past weeks, Villegas said, the latter of which is about 40,000 tokens. Other c
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