30s Summary

European investors have invested a record $105 billion in US Bitcoin exchange-traded funds (ETFs) so far in 2024, contributing to 75% of the new money that propelled Bitcoin past $50,000 in February. Analysts suggest that this surge in ETF activity could push Bitcoin’s price even higher, though it has not surpassed $70,000 since July.

Full Article

People investing from Europe have poured a record-breaking amount of money into US Bitcoin exchange-traded funds (ETFs).

To date this year, they’ve invested over $105 billion in Bitcoin ETFs, setting a new all-time record. This was shared by Eric Balchunas, a top ETF analyst at Bloomberg, in a post he made on October 21st.

He said, “There’s a record $105b from Europeans going into US ETFs so far this year. And why not? The US is up 24% compared to Europe’s 10%. Asia is also sending record amounts our way.”

Increased activity in ETFs could mean Bitcoin’s price could go even higher than where it’s currently hovering. US Bitcoin ETFs were responsible for about 75% of the new money that helped Bitcoin pass $50,000 in February 2024.

Despite Europe’s record-breaking investments, Bitcoin’s price hasn’t been able to climb back above the big $70,000 mark since we saw it last on July 29.

There are more details to this story and we’ll be sure to update you as we learn more.

Source: Cointelegraph