U.S.-based spot Bitcoin ETFs have maintained a strong upward trend, attracting $106 million in inflows on Wednesday alone. BlackRock's iShares Bitcoin Trust (IBIT) led the pack, pulling in $184 million, while other ETFs like Bitwise Inc's BITB saw more modest gains with an additional $2 million.
Interestingly, despite this growth, some funds like Fidelity Investments's FBTC and ARK Investment Management LLC/21Shares’ ARKB experienced outflows of $33 million and $47 million, respectively.
Cumulatively, U.S. spot Bitcoin ETFs have amassed $246 million in net inflows this week, showcasing growing institutional interest in Bitcoin-based assets. This comes amid a notable rally in Bitcoin's price, with the cryptocurrency recently surpassing $65,000, driven in part by the launch of ETFs and sustained investor confidence.
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Meanwhile, Ethereum-based ETFs also gained traction, drawing in $43.23 million on Thursday, although some, like Grayscale's ETHE, are still recovering from a history of outflows, having seen $2.85 billion withdrawn to date.
The momentum in both Bitcoin and Ethereum ETFs reflects rising optimism across the market, despite ongoing regulatory scrutiny and price fluctuations. As institutions like BlackRock continue to increase their holdings, with 17,009 BTC scooped up just this week, Bitcoin’s price is being further bolstered.
These developments have pushed Bitcoin’s price above $65,956, marking a 10% rise in September, positioning the asset for a potential bull run in the final quarter of 2024.