Bitcoin ETF Inflows Hit Record $3.13 Billion as Crypto Market Surges
Shayan Chowdhury25 Nov 20243 min read
The recent weeks have seen a bullish trend in the crypto market, with Bitcoin’s price reaching new heights daily. As Bitcoin nears the significant $100K milestone, there has been a massive surge in inflow volume for ETFs. United States-based spot Bitcoin exchange-traded funds (ETFs) have recorded a staggering $3.1 billion in inflows in just one week, setting a new high for crypto investment products.
Record $3.13 Billion Added in Seventh Straight Week of Inflows
Major global crypto funds, managed by industry leaders such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares, have marked a remarkable seventh week of continuous net inflows, totaling $3.13 billion—setting a new record for the highest inflow in a single week.
Spot Bitcoin ETFs experienced a record-breaking week from November 18-22, with net inflows climbing to $3.13 billion. This represented a 102% surge from the previous week’s inflows of $1.67 billion.
These robust inflows have sent the year-to-date total to a new high, with assets under management at these funds reaching a record $153.3 billion. This increase came following a recent surge in Bitcoin’s price, noted James Butterfill, CoinShares’ Head of Research, in a report released on Monday.
The report said, “Year-to-date inflows now stand at a record $37 billion, driven primarily by bitcoin, far outpacing the debut of U.S. gold ETFs, which attracted just $309 million in their first year.”
Last week, U.S. spot Bitcoin exchange-traded funds topped the charts in net weekly inflows, amassing an unprecedented $3.38 billion. Of this, BlackRock’s IBIT product contributed a substantial $2.05 billion.
ETF Volume Increases as BTC Nears the $100K Mark
As of November 22, BlackRock’s iShares Bitcoin Trust (IBIT) remains the frontrunner with net assets totaling $48.95 billion and cumulative inflows reaching $31.33 billion. On the other hand, the Grayscale Bitcoin Trust ETF, which holds $21.61 billion in net assets, has experienced more than $20 billion in outflows since its inception.
The U.S. saw a significant $3.2 billion come into its markets, while Germany, Sweden, and Switzerland experienced outflows of $40 million, $84 million, and $17 million respectively, as investors there decided to sell off their holdings at recent high prices. In contrast, Australia, Canada, and Hong Kong saw more positive movements, with inflows of $9 million, $31 million, and $30 million respectively.
Meanwhile, Bitcoin attracted $3 billion in new investments. At the same time, the rising prices led to $10 million being invested in products betting against Bitcoin, with a total of $58 million for the month marking the highest inflow since August 2022.
Ready to ride the Bitcoin wave? Read Bitcoin price prediction and discover where it’s headed next!
Since last Thursday, Bitcoin has been hovering between $95,000 and $99,000. Its initial push toward the $100,000 mark didn’t succeed, primarily because there was less trading activity from institutional investors over the weekend.
This week’s favorable entry points might turn bullish for Bitcoin along with rising demand from both retail and institutional investors. As a result, there’s a probability of breaking the $100K resistance.
FAQs
- The BlackRock iShares Bitcoin Trust (IBIT) is currently the most successful Bitcoin ETF, with $48.95 billion in assets and $31.33 billion in inflows.
