Originally published on: November 12, 2024
The recent surge in Bitcoin’s price, reaching almost $90,000 in early November, triggered a significant inflow of funds into spot Bitcoin exchange-traded funds (ETFs) in the United States.
Starting on Nov. 6, Bitcoin embarked on a bull run that saw its price skyrocket from $69,000 to nearly $90,000 within just seven days. This surge, fueled by positive market sentiment and FOMO (fear of missing out), prompted both retail and institutional investors to increase their exposure to Bitcoin.
According to data compiled by Farside Investors, investments into spot Bitcoin ETFs in the US for the week of Nov. 6–11 totaled a whopping $2.6 billion.
BlackRock’s iShares Bitcoin Trust led the pack with over $2 billion in investments during this period. Other notable ETFs contributing to the weekly inflows included 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, even the Grayscale Bitcoin Trust, known for its significant outflows from the ETF ecosystem, saw positive net inflows amid the Bitcoin bull run. Both GBTC and BTC variants of Grayscale’s Bitcoin ETFs attracted a total of $219.8 million since Nov. 6.
The positive investor sentiment also spilled over to spot Ether ETFs, with the US recording its highest-ever daily inflows on Nov. 11 since their launch in July, totaling $294.9 million.
“Ethereum is starting to catch a bid after being a laggard for most of this cycle,” noted BTC Markets crypto analyst Rachael Lucas.
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