US Bitcoin ETFs Experience Surge with $1.1 Billion in Inflows

The United States has seen an impressive influx of funds into spot Bitcoin exchange-traded funds (ETFs), accumulating over $1.1 billion in the past week. This marks the highest weekly inflow since mid-July. Leading the charge were notable products from major firms:

• BlackRock’s iShares Bitcoin Trust: $499 million
• ARK 21Shares Bitcoin ETF: $289.5 million
• Fidelity® Wise Origin® Bitcoin Fund: $206.1 million

On September 27, the inflows peaked at $494.4 million, marking the best day since June 4.th. The previous day also saw significant activity, with $366 million flowing into these ETFs on September 26, as reported by Farside Investors.

Performance of Other Market Products

Additional products like Invesco & Galaxy, Franklin Templeton, Valkyrie, and VanEck Bitcoin offerings recorded inflows ranging from $5.7 million to $33.3 million. Conversely, the WisdomTree Bitcoin Fund did not register any inflows during this week.

With the recent inflows, the total accumulation for all 11 spot Bitcoin ETFs since their launch now stands at approximately $18.8 billion. This increase in interest can be attributed, in part, to the Federal Reserve’s interest rate cut on September 18, which has positively impacted the market.

Since the rate change, Bitcoin has experienced a rally of 13.8%, reaching $65,800, as indicated by CoinGecko. Currently, Bitcoin is only 10.8% away from its all-time high of $73,738, achieved on March 14.

Looking Ahead

As October approaches, historical data reveals that Bitcoin has often exhibited substantial growth in the fourth quarter, with gains exceeding 50% in over half of the past nine years, according to CoinGlass.

In addition, the US spot Ether (ETH) ETFs recorded $85 million in inflows this week, marking their strongest performance since August 5-9. Since their launch on July 23, Ether products have accumulated a little over $1.1 billion, despite experiencing $2.9 billion in outflows from the Grayscale Ethereum Trust.