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Despite the record European inflows, Bitcoin price has been unable to recover above the $70,000 psychological level since July.
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European investors have allocated a record amount of capital into spot Bitcoin exchange-traded funds (ETFs) in the United States.
Europeans invested over $105 billion year-to-date (YTD) into spot Bitcoin (BTC) ETFs, marking a new all-time high.
The record European ETF flows were shared by Eric Balchunas, a senior ETF analyst at Bloomberg, who wrote in an Oct. 21 X post:
“Flows 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.”
International ETF flows to the US. Source: Eric Balchunas
Growing ETF inflows could push Bitcoin to a new all-time high, from its current crab walk. Inflows into US Bitcoin ETFs accounted for approximately 75% of the new capital that helped Bitcoin surpass $50,000 in Feb. 2024.
BTC/USD, monthly chart. Source: TradingView
Despite the record European inflows, Bitcoin price is unable to recover above the $70,000 psychological level, last visited on July 29, Bitstamp data shows.
Related: Bitcoin hashrate hits all-time high, boosting network security
This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
