U.S. Spot Bitcoin ETFs See Record $1.1 Billion Weekly Inflow
The U.S. spot Bitcoin exchange-traded funds (ETFs) market experienced a remarkable surge this week, attracting over $1.1 billion in inflows between September 23 and 27.
This was the largest weekly inflow after a shaky two months for the world's leading cryptocurrency, reflecting a renewed institutional interest following the Federal Reserve’s recent rate cuts.
The most significant day was definitely September 27, which, according to SosoValue, saw $494.27 million flowing into Bitcoin ETFs, marking the best single-day performance since June 4.
ARKB recorded the highest inflow of $203 million, followed by FBTC with $124 million and BlackRock’s IBIT with $110 million.
This marked the third consecutive week where Bitcoin ETFs recorded cumulative weekly net inflow, as the price of Bitcoin rose by 10% in the same period of time, once again climbing closer to its all-time high achieved in March of this year and sparking talk of a fresh bull run to close out 2024.
This renewed optimism has impacted other cryptocurrencies as well, particularly Ethereum, which saw $85 million in inflows during the same week, with Fidelity’s FETH leading the way, and Blackrock’s Ethereum ETF now passing $1 billion in asset value.
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