U.S.-approved spot Bitcoin exchange-traded funds (ETF) have been on a six-week inflow streak since early October as many investors gain crypto exposure by acquiring the funds from different asset managers. About seven ETFs concluded Thursday on the green side, taking in over $1 billion, marking its fourth time since the launch in January.
Massive ETF inflows have contributed to the upward trajectory of BTC, the world’s leading cryptocurrency, which soared to $99,000 following the historic business day.
Over $1B Inflow
According to crypto ETF tracker Farside, the funds took in a whopping $1.005 billion on the just concluded business day. Notably, only Grayscale’s GBTC recorded an outflow of $7.8 million, while BTCO, BRRR, and BTCW didn’t record any market movement.
Maintaining its position as the leading Bitcoin ETF, BlackRock’s IBIT led the business with $608.4 million in inflows. Thus, it has recorded an all-time net inflow of $30.8 billion.
Fidelity’s FBTC seconded the flow, covering approximately 30% of the bullish inflows with its $301 million inflows, leaving the other ETFs, including Grayscale’s BTC, Bitwise’s BITB, Ark 21shares’ ARKB, Franklin’s EZBC and VanEck’s HODL with $103.5 million inflows.
Notably, Bitcoin ETFs’ total assets under management (AUM) have hit a new milestone and now stand at approximately $106 billion.
BTC Blasts Past $99k
Following the massive ETF inflow day, there was a significant BTC price jump. For the first time in history, the crypto crossed the $99,000 mark and is just $1,000 away from hitting six figures, as many crypto analysts have predicted.
Undoubtedly, November replaced this year’s Uptober, becoming the most bullish month. Driven by U.S. Presidential election results, the crypto market has been on the green side, with BTC, SOL, and XRP, amongst a few coins, hitting new all-time highs.
Meanwhile, one of the factors driving the crypto market upwards is the resignation notice of anti-crypto U.S. financial agency Chairman Gary Gensler. He will step down from his position on the same day pro-crypto President-elect Donald Trump will take office as the 47th President of the United States.
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