Bitcoin ETFs record inflows of US$365 million

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Bitcoin ETFs record inflows of US$365 million
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With just a few days left before the fourth quarter of 2024 begins, major managers and investors are preparing for future appreciation of Bitcoin (BTC). In this sense, the flow into Bitcoin ETFs soared once again, reaching the $365 million mark.

This move comes at the same time as BTC price reached $65,000 for the first time in almost two months. Interest rate cuts, including in the United States, have driven these gains. As a result, BTC could record the best September in its entire history, with gains of almost 10%.

Furthermore, the current momentum shows that institutional interest in Bitcoin is back ahead of the expected fourth quarter bull run.

On Thursday, total flows into spot Bitcoin ETFs increased to $365 million, according to data from Farside Investors. The number was the largest inflow in September in a single day. In addition, it also marks six consecutive days of investment inflows into ETFs.

ETF inflows rise again

Ark Invest (ARKB) was the ETF that received the most investments, registering an inflow of US$113 million, followed by BlackRock’s IBIT, which received US$93.4 million. But Larry Fink’s manager increased its amount of BTC to 359,606, consolidating itself as one of the largest holders of the cryptocurrency.

On the other hand, ProShares’ FBTC recorded inflows of US$74 million, while BITB received US$50 million. Again, Grayscale’s GBTC was the only ETF to experience outflows, losing $7.7 million on Thursday. Overall, spot Bitcoin ETFs collected a total of 5,602 BTC from the market yesterday.

Recent inflows into spot BTC ETFs come against a backdrop of strong trading volumes. On Thursday, IBIT recorded $1.52 billion in trading volume, followed by FBTC with $355 million.

Popular cryptocurrency analyst Ki Young Ju has claimed that the US is regaining dominance in BTC holdings thanks to increased flows into ETFs. These Bitcoins are not in the possession of the American government, but are held as shares linked to the country.

In addition to ETFs, institutions are now preparing for a strong rally in the price of Bitcoin, which is expected to occur from October onwards. Historically, the last three months of the year are the most positive in terms of price, especially at the beginning of the halving cycle.

Months ago, there were fears that high interest rates could limit appreciation this cycle. But with interest rate cuts in the US and China, as well as increased liquidity, investors are buying Bitcoin to seek shelter amid fragile economic conditions. In China, these purchases increased again, which helped to increase the price.

Bitcoin ETFs record inflows of US$365 million

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Bitcoin ETFs record inflows of US$365 million

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Bitcoin ETFs record inflows of US$365 million

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