The US Spot Bitcoin BTC/USD ETF witnessed an inflow surge of $555.8 million on Monday, with 10 out of 12 ETFs reporting net inflows.
What Happened: Fidelity Wise Origin Bitcoin Fund FBTC led the inflows, raising $239.25 million. Bitcoin ETF BITB followed with $100 million, according to SoSoValue data.
BlackRock’s iShares Bitcoin Trust IBIT, the largest spot Bitcoin ETF by net assets, reported net inflows of $79.5 million. Other ETFs such as ARK 21Shares Bitcoin ETF ARKB and Grayscale Bitcoin Trust GBTC also recorded significant inflows.
This day’s net inflows were the highest since July.
ETF Store President Nate Geraci called it a “monster day,” highlighting that cumulative net inflows since launch in January now stand at $19.36 billion. Net inflows (for the month) are approaching $20 billion, which is just ridiculous.” Demand forecasting before any launch. ”
The Spot Ethereum ETH/USD ETF recorded net inflows worth $17.07 million, the highest price for October. Since its introduction, the Ethereum ETF has recorded cumulative net outflows of $541.82 million.
Also read: Michael Saylor reveals MicroStrategy’s ultimate goal is to become a ‘major Bitcoin bank’ with $100 billion to $150 billion in BTC holdings
Why it matters: The surge in inflows to Bitcoin ETFs comes amid growing bullish sentiment among ETF investors. A recent study from Schwab Asset Management showed that 75% of ETF investors are confident their portfolios will recover from a deep recession or black swan event.
ETFs currently account for 27% of ETF investors’ portfolios, and a significant 65% of investors intend to increase their investment in ETFs in the next year.
Changes in political trends that are seen as favoring cryptocurrencies also contributed to the rapid increase in inflows. According to Polymarket data, cryptocurrency advocate Donald Trump has a 57% chance of winning, while Kamala Harris has a 43% chance of winning.
Price Action: Over the past 24 hours, BTC and ETH are trading up 1.4% and 2.1%, respectively.
What’s next: The impact of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.
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