Starting the new business week on Monday, the United States-approved spot Bitcoin exchange-traded funds (ETF) inflowed about $479.4 million, its highest within the past ten trading days, demonstrating regained investor confidence in the products.
The massive inflow was recorded amid a bullish crypto market, as BTC soared above the $71k mark early Tuesday morning.
$479 Million ETF Injection
According to ETF data analytics firm Farside, five of the eleven actively trading bitcoin ETFs in the U.S. recorded inflows. At the same time, the rest, including Grayscale’s GBTC, had a dormant business day, with neither an inflow nor an outflow.
BlackRock’s IBIT led Monday’s bullish day with a $315.2 million inflow. Since approval in January, the leading ETF has taken in over $24.3 billion with only five outflow days.
Subsequently, Ark21 shares Bitcoin ETF, ARKB, and Fidelity’s FBTC, which totaled $59.8 million and $44.1 million, respectively.
Meanwhile, Bitwise’s BITB and Grayscale’s Mini Bitcoin Trust with the ticker BTC contributed to the flow, collectively bringing in $60.3 million.
Bitcoin Bulls Unleashed
After leaving investors in doubt about the outcome of this year’s Uptober, bitcoin has regained its bullish momentum as investors continue to acquire more BTC amid the recovering market.
According to live bitcoin price data from CryptocurrenciesTowatch, the leading crypto has reached a high above $71k just two days before the end of the predicted bullish month of October.
Notably, BTC is now 3.3% away from a new all-time high above the $73,950 record it made earlier this year.
Will BTC See $100k Soon?
Famous crypto enthusiasts have not given up on expecting BTC to soar high this year. Binance CEO Richard Teng predicted that the crypto will reach $80k before the end of 2024, citing the inflows into Bitcoin ETFs as a factor, “we’re just getting started,” he said.
Seeing a brighter future than Teng, Bernstein Analysts have predicted that BTC will head toward the $90k mark before 2024 runs out if pro-crypto candidate Donald Trump wins the upcoming U.S. presidential election next week.
Moreover, Standard Chartered analysts foresee a better future for bitcoin. Concurring with the same factor Bernstein analysts mentioned, they see BTC way above the $100k mark and reaching $150k before 2024 ends.
