Originally published on: November 12, 2024
The recent surge in Bitcoin’s price, with it almost hitting $90,000 in early November, has sparked a frenzy of investment in spot Bitcoin exchange-traded funds (ETFs) in the United States.
Since November 6, Bitcoin started a bull run that saw its price soar from $69,000 to nearly $90,000 in just a week. This surge, fueled by positive market sentiment and FOMO, has prompted both retail and institutional investors to boost their exposure to Bitcoin.
According to data from Farside Investors, investments in spot Bitcoin ETFs in the US from November 6 to 11 reached a staggering $2.6 billion.
Leading the pack in terms of investments during this period is BlackRock’s iShares Bitcoin Trust, attracting over $2 billion. Other notable ETFs that saw significant inflows include Fidelity’s Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF, and ARK 21Shares Bitcoin ETF, with inflows of $668.3 million, $180 million, and $253.2 million, respectively.
Interestingly, Grayscale Bitcoin Trust, known for its massive outflows from the ETF ecosystem totaling $20 billion, also recorded positive inflows amid the Bitcoin bull run.
Since November 6, Grayscale’s Bitcoin ETFs – GBTC and BTC – have gathered a total of $219.8 million in investments, showing a shift in investor sentiment towards cryptocurrencies.
The positive vibes extended to spot Ether ETFs as well, with the US recording its highest daily inflows on November 11 since their launch in July.
With spot Ether ETFs receiving a whopping $294.9 million in one day, surpassing the previous record of $106.6 million on launch day, it’s clear that the cryptocurrency market is heating up.
“It’s exciting to see Ethereum gaining momentum after lagging behind for some time,” noted BTC Markets crypto analyst Rachael Lucas.
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