- Bitcoin ETF added 4,100 BTC worth $398.6M, fueling massive weekly inflows.
- Total Bitcoin ETF net assets grew beyond $111.6B after this large institutional investment.
- Bitcoin’s price surged to $97,349.10, driven by increasing confidence and large market inflows.
BlackRock’s Bitcoin Spot ETF purchased 4,100 Bitcoin worth $398.6 million on December 9, 2024. This acquisition marked a surge in institutional adoption of Bitcoin-backed financial products. Moreover, the purchase coincided with total Bitcoin ETF inflows exceeding $3.14 billion in seven days.
Source: CryptoPatel
Daily inflows for Bitcoin ETFs reached $483.6 million on December 9 alone. This significant investment raised total net ETF assets to $111.6 billion. Bitcoin’s price mirrored this activity, rising to $97,349.10. These figures demonstrate a direct link between institutional inflows and Bitcoin’s value.
Bitcoin Spot ETF Inflows Surge in 2024
Bitcoin Spot ETF inflows have experienced remarkable growth throughout 2024. In January, daily inflows averaged a modest $50 million. However, by March, inflows exceeded $900 million, showcasing heightened demand from institutional investors.
Between April and June, Bitcoin ETFs faced notable outflows. During this period, outflows occasionally surpassed $300 million, slowing the pace of net inflows. Despite these setbacks, the ETF market showed resilience by regaining momentum in the year’s second half.
From July on, inflows grew steadily. December marked a notable acceleration in institutional activity, culminating in BlackRock’s $398.6 million Bitcoin purchase. Consequently, this consistent trend highlights growing confidence in Bitcoin-backed ETFs.
Institutional Activity Reshapes Bitcoin’s Market
Institutional activity continues to reshape Bitcoin’s market trajectory. BlackRock’s purchase aligns with the broader trend of rising adoption of cryptocurrency-based investment products. Besides, Bitcoin ETFs bridge the gap between traditional finance and digital assets.
Crypto Patel, a prominent market analyst, emphasized Bitcoin’s evolution into a mainstream financial asset due to sustained institutional participation. Moreover, inflows into Bitcoin-backed ETFs support increased liquidity and market stability. These developments signify Bitcoin’s growing role in global financial markets.
Bitcoin Spot ETFs now play a pivotal role in driving adoption and investment interest. Hence, consistent inflows reflect Bitcoin’s transition into a reliable financial instrument. The $3.14 billion inflows in just seven days underline its importance to institutional investors.
