Concluding the business day on Monday, U.S.-approved spot bitcoin (BTC) exchange-traded funds (ETFs) recorded a massive $667.4 million inflow to continue their four-day inflow streak, highlighting rekindled investors’ interest in the leading crypto.
Notably, the massive investment in the funds occurred on a day when bitcoin, the cryptocurrency backing the investment funds, surged to its four-month high above $107,100.
Over $667M Inflow
Data from the Farside ETF tracker showed that five of the approved investment ETFs recorded significant inflows. Five funds ended the business day in dormancy, and only one, Invesco BTCO, recorded $5.3 million in outflows.
BlackRock’s IBIT led the pack for the day with a $305.9 million inflow. Notably, IBIT has the highest investment inflow since the ETFs’ approval in January 2024. On average, it takes in approximately $100 million each business day. Thus, its all-time inflow has reached $45.86 billion.
Trailing behind IBIT was the Fidelity Wise Origin Bitcoin Fund, FBTC, which recorded $188.1 million inflows on Monday. Concurrently, the ARK 21Shares Bitcoin ETF, ARKB, took in $155.3 million to be the third on the inflow list. Bitwise’s BITB and VanEck’s HODL took in a combined $23.4 million to end the day.
What’s Next for BTC?
Monday was significant for the crypto market. BTC surged to $107,000 for the first time since reaching its all-time high above $109,000 in January. Other cryptocurrencies joined the uptrend. Consequently, the entire crypto market capitalization gained ground above $3.3 trillion.
However, the uptrend didn’t last long, as BTC touched the $102,000 mark and is trading around $105,300 at press time. This has sparked questions in the minds of investors and traders about crypto market expectations for the remaining quarters of the year and whether the bull run is still on the way.
Meanwhile, a detailed analysis and prediction from the U.S. asset manager VanEck explains that market consolidation and a downtrend are expected in different quarters. However, the concluding months of the year will be filled with upward movement that’ll drive BTC to $180,000, ETH to $6,000, SOL to $500, and SUI to $10.
