US Spot Bitcoin ETFs Reach New Peak Following Six-Day Inflow Surge
The post US Spot Bitcoin ETFs Reach New Peak Following Six-Day Inflow Surge appeared on BitcoinEthereumNews.com.
In a remarkable turn of events, US spot Bitcoin ETFs have recorded over $2 billion in inflows over the past week. This surge marks their best performance since March, signaling renewed investor interest in cryptocurrency. As the market shows signs of recovery, Bitcoin ETFs are once again proving their appeal to those looking to capitalize on digital assets. Let’s take a closer look at what’s driving this inflow and how it reflects broader trends in the crypto market. US Spot Bitcoin ETFs Hit Record High After Six Days of Inflows According to reports, the twelve US-based spot Bitcoin exchange-traded funds (ETFs) have reached a historic high in total net asset value, setting a new record since their launch in January. According to SoSoValue data, the total holdings across these ETFs now amount to over $66.1 billion, surpassing the previous peak of $62.6 billion from June. These assets represent 4.89% of Bitcoin’s total market capitalization, reflecting a significant portion of the cryptocurrency’s value. The funds experienced their strongest trading week for inflows since March, drawing in over $2.1 billion in new capital. This marks the fourth-largest weekly inflow ever recorded, extending a six-day streak of consecutive inflows. A contributing factor to this surge has been the recent rise in Bitcoin’s price. Since October 10, Bitcoin’s value has climbed approximately 12%, boosting the overall worth of the ETFs. As a result, the total value of Bitcoin held by these funds has increased by roughly $11 billion since the last recorded net outflow. BlackRock’s IBIT ETF led the growth, seeing its assets swell by over $3 billion during this period, making it the largest individual gainer among the group. On Wednesday, the cumulative inflows for Bitcoin ETFs surpassed $20 billion, a milestone that Bloomberg senior ETF analyst Eric Balchunas described as “the…
Filed under: News - @ October 20, 2024 11:00 am