A total of 12 U.S.-based Spot Bitcoin Exchange-Traded Funds (ETFs) recorded inflows amounting to $555.9 million, or approximately Rp8.6 trillion, on October 14, 2024, marking the highest inflows since early June this year.
According to data from Farside Investors, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw the highest inflow at $239.3 million, followed by the Bitwise Bitcoin ETF (BITB) with $100.2 million. BlackRock’s iShares Bitcoin Trust (IBIT), the largest Spot Bitcoin ETF by net assets, gained inflows of $79.5 million, while the Ark 21Shares Bitcoin ETF (ARKB) recorded $69.8 million.
During the same period, Grayscale Bitcoin Trust (GBTC) also reported a net inflow of over $37 million. Other Spot Bitcoin ETFs, including those from VanEck, Valkyrie, Invesco, Franklin Templeton, and Grayscale mini trust, saw smaller inflows. Only WisdomTree and Hashdex’s Spot Bitcoin ETFs did not record any inflows.
Based on data from SoSoValue, the trading volume for Spot Bitcoin ETFs on that trading day exceeded $2.61 billion, the highest level since August 23, 2024. Of that volume, IBIT accounted for $1.67 billion. Since their launch in January, the cumulative net inflow for all Spot Bitcoin ETFs has reached $19.36 billion.
Bitcoin Rally Pushes Price to $65,000
The surge in inflows into Spot Bitcoin ETFs has been largely driven by Bitcoin’s latest rally, which saw the cryptocurrency return to the $65,000 level after hovering around $60,000 since early October.
As of the time of writing, Bitcoin continues to rise, trading around $65,700, with a 2% increase in the last 24 hours. On a weekly basis, Bitcoin has gained approximately 5%.
One of the key drivers of this rally is the announcement of fiscal stimulus from China, which has provided a significant boost to the crypto market. After weeks of negative sentiment surrounding global economic conditions and stock market uncertainty, China’s move is seen as a positive catalyst.
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