Bitcoin exchange-traded funds (ETFs) have seen a substantial increase in inflows over the past three trading days, according to data from Farside. A total of $654.3 million was added, with the largest contribution coming from BlackRock IBIT, which received $121.0 million in inflows. This brings BlackRock’s total net inflows to over $18 billion. Following closely behind is Fidelity FBTC, which saw a $91.0 million inflow, bringing its total net inflows to $9.5 billion. ARK’s ARKB also experienced a significant inflow of $43.3 million, pushing its total net inflows to $2.5 billion.
However, not all ETFs saw positive movement during this period. Grayscale GBTC faced an outflow of $37.5 million, while Bitwise saw a $4.7 million outflow. Despite this, the overall total inflows into Bitcoin ETFs now stand at $15.3 billion.
This surge in ETF investments coincided with Bitcoin’s price surging above $59,000, surpassing the ETF buyers’ 2024 cost basis of $58,060. Maintaining a price above the 200-day moving average (200DMA) of $58,720 is seen as crucial by CryptoSlate, highlighting it as a key level to sustain.
The increasing interest in Bitcoin ETFs reflects a growing confidence in the cryptocurrency market among investors. With major financial institutions like BlackRock and Fidelity showing significant inflows into Bitcoin ETFs, it signals a broader acceptance of digital assets as a legitimate investment option.
As Bitcoin continues to gain mainstream adoption and recognition as a store of value, it is expected that more institutional investors will continue to allocate funds to Bitcoin ETFs. This trend could further drive the price of Bitcoin higher and solidify its position in the traditional financial landscape.
Overall, the recent influx of funds into Bitcoin ETFs demonstrates a bullish sentiment towards the cryptocurrency market, with investors looking to capitalize on the potential growth and returns offered by digital assets.