U.S ETFs Breach 1M BTC As Shiba Inu Price Slides 3%

The SHIB price has fallen 3% in the last 24 hours to $0.00001855. This decline comes after Bitcoin's price slid to a daily low of $71,430

The price of Shiba Inu (CRYPTO: SHIB) is still poised for a breakout after U.S. spot Bitcoin ETFs breached a major milestone of holding over 1 million BTC.

What Happened: The total net asset value (NAV) for U.S. BTC ETFs now stands at $72.46 billion, according to data from Soso Value.

At the current BTC price, the ETFs hold 1,003,337.07 BTC, which is nearly 5.21% of all Bitcoin in circulation.

Theᴊ institucional interest in Bitcoin is growing and raising questions about how assets like SHIB could react to it.

"Pretty apropos that the biggest daily inflow ever for $IBIT is what pushed the US spot ETFs over the 1 million bitcoin held mark," ETF analyst Eric Balchunas said in a tweet.

American investors now hold the second-largest amount of BTC, only behind Satoshi Nakamoto, who is estimated to hold 1.1 million BTC.

Impact On SHIB Price: The large capital inflows into U.S. Bitcoin ETFs are significant for SHIB and other crypto prices.

When traditional investors gain exposure to cryptocurrencies through ETFs, they face less risk from the volatility of the actual crypto market.

Despite the indirect investment in Bitcoin, the effects are real. For example, over the last four weeks, U.S. Bitcoin ETFs saw over $5.6 billion in inflows, which coincided with a surge in the BTC price.

During the same period, the Shiba Inu price rose over 20%.

While the possibility is far-fetched, if a Shiba Inu ETF were to be approved, it would likely attract traditional and institutional investors who are already exposed to crypto through BTC and ETH ETFs.

Such a development could lead to a massive price surge for the meme coin.

The above is the detailed content of U.S ETFs Breach 1M BTC As Shiba Inu Price Slides 3%. For more information, please follow other related articles on the PHP Chinese website!