US Bitcoin ETFs See $1.1 Billion in Flows for the Week
The cryptocurrency market closed the week with a significant gain as US spot BTC exchange-traded funds reached over $1.1 billion in flows. This happened to be the biggest investing week since mid-July, full of fresh investor interest in digital assets.
Top Performers Lead the Charge
This week’s inflows were spearheaded by BlackRock’s iShares BTC Trust, ARK 21Shares Bitcoin ETF, and Fidelity’s Wise Origin BTC Fund, among several others. BlackRock raked in $499 million while ARK took up $289.5 million and Fidelity contributed $206.1 million. Smaller Bitcoin ETFs from fund managers like Invesco and Galaxy, Franklin Templeton, and Valkyrie, each booked less dramatic yet steady inflows falling between $5.7 million to $33.3 million.
Record-Breaking Single Day for Bitcoin ETFs
According to Farside Investors, the largest single-day inflows occurred on September 27, as a whopping $494.4 million flowed into Bitcoin ETFs, marking the best-performing day since June. In total, spot Bitcoin ETFs added $366 million on September 26 alone.
Federal Reserve Rate Cut Spurs Bitcoin Rally
This surge in Bitcoin ETF inflows came right on the heels of the latest US Federal Reserve rate cut, which took place on September 18. Since that time, BTC has surged 13.8% to $65,800—just 10.8% off its high of $73,738.
Ether ETFs Join the Party
Aside from BTC success, US spot Ether ETFs had a great week with inflows reaching $85 million – their best showing since early August. Ethereum ETFs have pooled over $1.1 billion in total inflows since they started offering in July, amidst large outflows from Grayscale’s Ethereum Trust.
Bitcoin’s Record Showing in Q4
Investors in BTC are looking to the past for trends as the fourth quarter is about to hit. According to data from CoinGlass, BTC has surged more than 50% during Q4 in five of the last nine years. As the cryptocurrency market heats up, the final quarter could bring even further impressive gains.
Source:btc-pulse.com
