U.S.-based spot Bitcoin exchange-traded funds (ETFs) have experienced a significant surge in inflows over the past three weeks, serving as a key driver behind the recent bullish momentum in the cryptocurrency market. As of October 29, these ETFs recorded net inflows totaling $870.1 million—the highest level since June 4, according to data from Farside Investors.
Leading the charge is BlackRock’s IBIT fund, which alone attracted $642.9 million, bringing its total net inflows to an impressive $24.94 billion. Here’s a snapshot of the ETF inflows reported yesterday:
Fidelity’s FBTC: $133.9 million
Bitwise’s BITB: $52.5 million
Grayscale’s mini BTC fund: $29.2 million
VanEck’s HODL: $16.5 million
Ark 21Shares’ ARKB: $12.4 million
Despite the overall positive trend, Grayscale’s GBTC fund experienced an outflow of $17.3 million, contributing to total net outflows that have now exceeded $20 billion.
In related market movements, U.S. spot Ethereum ETFs saw modest inflows of $7.6 million. BlackRock’s ETHA led this segment with an inflow of $13.6 million, while Grayscale’s ETHE faced an outflow of $6 million. The remaining seven Ethereum-related investment products reported no changes in flows.
The influx of capital into Bitcoin ETFs coincided with a 2.2% rise in Bitcoin’s price over the past 24 hours, pushing it to $72,400. Bitcoin briefly exceeded the $73,500 mark on October 29, nearing its all-time high of $73,750 set on March 14.
Ethereum also enjoyed a boost, climbing 1.3% to trade at $2,640. Data from CoinGecko reveals that the global cryptocurrency market capitalization rose by 0.2% in the last 24 hours, currently standing at $2.546 trillion, while daily trading volume surged by 70% to reach $137 billion.
This increase in trading volume suggests growing interest among cryptocurrency investors and traders. However, analysts caution that the market may be exhibiting signs of overheating, as the recent upward trend has lacked significant catalysts beyond the ETF inflows.
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