It is seen that there has been a very serious demand for ETFs, which are said to have the largest share in Bitcoin’s rise in 2024, in the last 30 days. According to the information provided by CryptoQuant CEO Ki Young Ju via X, ETFs have received a record demand for 6 months in the last 1 month. Ju stated that 64 thousand 962 BTC were purchased in the last month.

As it is known, the largest share in ETFs is by far BlackRock. BlackRock spot ETF currently holds $23 billion worth of BTC. Fidelity is in second place with $10 billion.

ETFs that keep the price high?

As it is known, many altcoins have remained stagnant in 2024, except for exceptional meme coins and some artificial intelligence coins. Bitcoin, on the other hand, entered an accumulation process between $50 thousand and $70 thousand after its peak of $73 thousand in March.

When looking at ETF inflows and institutional purchases, it is obvious that there has been a net inflow of $3.8 billion to Bitcoin spot ETFs in the last month. Therefore, the biggest reason why the Bitcoin price is much higher than the $50,000 levels seen more than once in the summer months may be these ETF demands mentioned by Ki Young Ju.

The largest cryptocurrency is trading around $68,000 at the time the news is written.