Bitcoin ETPs are attracting record inflows in global markets, with investors worldwide rushing to gain exposure to exchange-traded products tied to the leading cryptocurrency. In the past seven days alone, bitcoin ETPs have witnessed a net inflow of 25,675 BTC ($1.74 billion), marking the largest seven-day tally since July.
Since October 14, bitcoin ETFs have seen approximately $1.9 billion (21,450 BTC) in net inflows, indicating a growing interest in the digital asset. The surge in bitcoin’s price by 15% since October 10 lows has further fueled investor enthusiasm, with the cryptocurrency now just 8% away from its all-time high set in March.
The rally in bitcoin is being driven by various factors, including expectations for Fed rate cuts and the increasing likelihood of pro-crypto candidate Donald Trump winning the upcoming U.S. Presidential election on November 5. This positive sentiment is reflected in the strong uptake of U.S.-listed spot ETFs, which have attracted nearly $1.9 billion in investor funds since mid-October.
The inflow into bitcoin ETPs now totals 1.1 million BTC, equivalent to the amount held in Satoshi’s wallet. This surge in interest in bitcoin ETPs highlights the growing acceptance and adoption of cryptocurrencies in mainstream financial markets.
In addition to bitcoin, ether (ETH) has also seen a significant inflow of $48.4 million on October 17, marking the largest influx since September 27. U.S.-listed spot ether ETFs have been particularly popular, with BlackRock’s ETHA attracting $23.6 million and Fidelity FETH seeing a $31.1 million inflow.
Overall, the cryptocurrency market is experiencing a period of heightened activity and investor interest, driven by positive market conditions and growing institutional acceptance of digital assets. As the market continues to evolve, it is essential for investors to stay informed about the latest developments and trends in the cryptocurrency space.
CoinDesk, as an award-winning media outlet covering the cryptocurrency industry, is committed to providing accurate and unbiased information to its readers. With a team of experienced journalists and analysts, CoinDesk aims to deliver timely and insightful news and analysis to help investors navigate the rapidly changing world of digital assets.
Follow @btcjvs on Twitter for the latest updates on Bitcoin and the cryptocurrency market. Stay informed and make informed investment decisions in this dynamic and fast-paced industry.