Last week, the 11 spot Bitcoin exchange-traded funds (ETFs) trading in the United States accumulated $2.13 billion, marking the third-highest weekly inflow since the fund’s approval in January.
The latest record coincides with BTC‘s recent price surge. The leading crypto asset jumped by over 10% within a week from $62,700 to $69,400, increasing bullish momentum as investor’s greed grew.
$2.1 Billion Floods In
According to Farside, BlackRock’s IBIT led the bullish week, taking in about $1.14 billion. Its highest inflow day was Wednesday when investors bought $393.4 million worth of IBIT.
Fidelity’s Bitcoin ETF, FBTC, seconded the green week. It inflowed about $318.8 million throughout the week, with its most successful market being Monday, when it took in about $239.3 million.
Ark21Shares’ ARKB and Bitwise’s BITB inflow records were $306.1 million and $149.8 million, respectively.
Notably, last week marks Grayscale GBTC’s first business week without an outflow since approval. It took in $53.7 million in two market days, while the other three were dormant.
Crypto Uptober Playing Out
After scaling through a bearish first two weeks of October, which traders and investors have predicted to be a bullish month, BTC and other cryptos have recovered in price, raising the hopes of a new all-time high before the end of 2024.
BTC rose by 1.5% within the past 24 hours, targetting the $70k mark on Monday morning as investors became bullish. The market’s fear and greed index (FGI) rose to 72%.
According to the crypto derivatives tracker, Coinglass, Bitcoin Open Interest (OI) reached a new record high of $40.5 billion over the weekend. Open Interest refers to the total number or amount of outstanding derivative contracts running at a particular time. Raising OI attracts more traders, increasing market liquidity.
According to live bitcoin price data from CryptocurrenciesToWatch, BTC dropped sharply below the $68,000 price mark. At press time, it traded at $67,200.
Moreover, popular crypto analysts have maintained optimism and foreseen a remarkable upward price trajectory for BTC. Bernstein analysts predicted that bitcoin would rise above $90k by year-end if U.S. Republican presidential candidate Donald Trump excels in the upcoming presidential election.
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