On a seven-day basis, bitcoin exchange-traded products (ETPs) have seen a significant surge in net inflows, with 25,675 BTC ($1.74 billion) entering the market. This is the largest such figure since July, according to data from bold.report.
Global ETPs’ Cumulative Inflow Reaches 25,675 BTC
Since October 14, bitcoin ETFs have seen approximately $1.9 billion (21,450 BTC) in net inflows. This is a testament to the growing interest in cryptocurrency exposure among investors worldwide.
Bitcoin’s Price Resurgence Sparks ETP Interest
The ongoing price resurgence of Bitcoin (BTC) has led to a surge in demand for exchange-traded products tied to the leading cryptocurrency. With the current rally, Bitcoin is just 8% away from its all-time high set in March.
Factors Driving the Rally
Several factors are contributing to the rally:
- Expectations for Fed Rate Cuts: The Federal Reserve’s potential rate cuts have boosted investor sentiment and led to increased interest in cryptocurrencies.
- Rising Odds of Pro-Crypto Trump Win: The possibility of Donald Trump winning the Nov. 5 U.S. Presidential election has sparked renewed optimism about cryptocurrency adoption.
U.S.-Listed Spot ETFs See Strong Uptake
The U.S.-listed spot ETFs have also seen significant growth, with nearly $1.9 billion in investor money pouring in since October 14. In bitcoin terms, this translates to 21,450 BTC.
ETF Investors Purchase 48 Days of Mined Supply
To put this into perspective, the bitcoin ETF investors have purchased around 48 days’ worth of mined supply. This is equivalent to roughly 450 BTC per day, which represents a significant share of the daily mining output.
Impressive Net Inflows for Bitcoin ETFs
These spot ETFs have now taken over $20 billion in net inflows since inception. According to Bloomberg’s ETF Analyst Eric Balchunas, this feat took Gold ETFs about five years to achieve.
Ether Sees Largest Inflow Since Sept. 27
The U.S.-listed spot ether (ETH) ETFs saw an inflow of $48.4 million on October 17, marking the largest such figure since September 27. The inflows were spread across issuers, with BlackRock’s ETHA raking in $23.6 million and taking its lifetime tally to $1.3 billion.
Fidelity FETH Approaches $500 Million in Net Inflows
Meanwhile, Fidelity FETH saw a $31.1 million inflow, bringing it closer to the $500 million mark in net inflows.
Conclusion
The growing interest in cryptocurrency exposure among investors worldwide is evident in the significant surge in net inflows into bitcoin and ether ETPs. As the market continues to evolve, it will be exciting to see how these trends unfold.