- Bitcoin ETFs saw $1.1 billion in weekly inflows, with BlackRock, Fidelity, and Ark leading the charge.
- Bitcoin’s price surge past $66,000 coincides with increased institutional demand, signaling potential for a strong Q4.
- GBTC experienced renewed interest despite competition, indicating sustained appeal across different Bitcoin investment vehicles.
Total daily inflows of Bitcoin ETF as tracked by market data provider Statista stood at $494.4 million and weekly totals have hit $1.1 billion. This increase in institutional demand occurs at the time when Bitcoin has broken through $66,000, thus pointing to a favorable fourth quarter for the cryptocurrency.
BlackRock, Fidelity, and Ark Invests among the top financial companies that had an inflow into their Bitcoin ETFs. BlackRock’s fund brought $110 of new capital while Fidelity is at $123.6 million. Among others, Ark Invest which targeted actively listed, disproportional disruptive technologies got significantly more with $203.1 million.
These large purchases indicate that more investors are viewing Bitcoin as a long-term investment, especially newly added institutional investors who have been rather slow in their adoption in the past.
GBTC Sees Renewed Interest
In addition to the ETF surge, Grayscale’s Bitcoin Trust (GBTC), a leading institutional vehicle for Bitcoin investment, experienced inflows of $26.2 million. Although GBTC has faced competition from more flexible ETF products, this renewed interest highlights the sustained appeal of Bitcoin-related assets across different investment structures.
Read CRYPTONEWSLAND on
google news
Bitcoin’s Bullish Momentum, A Strong Finish for 2024?
The present value escalation of Bitcoin, beyond $66,000 mark, is reciprocal of the overall beating optimism prevalent in the market. This price movement, together with the massive institutional money inflows, has fuelled hopes that Bitcoin may have a good close to the year.
Essentialists believe that if the demand for the ETFs continues to rise then the market is stabilized hence attracting even more institutional capital hence a high price in the forthcoming months.Q4 is generally favorable for Bitcoin, and given the inflation adjusted price returns are now back to pre-September 2019 local maxima. Market observers are focusing on institutional investments as the next likely driver of Bitcoin futures returns.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
