Originally published on: November 25, 2024
Spot Bitcoin exchange-traded funds (ETFs) in the United States are experiencing a surge in investor interest, with weekly inflows hitting a new high of $3.1 billion. This marks a significant increase of 102% from the previous week, according to data from crypto tracking platform SoSoValue.
The continuous positive flows for seven consecutive weeks indicate growing enthusiasm among investors as Bitcoin’s price continues its upward trajectory. The largest recorded weekly inflows for spot Bitcoin ETFs have been attributed to this ongoing trend.
Leading the pack is BlackRock’s iShares Bitcoin Trust (IBIT), boasting $48.95 billion in net assets. Cumulative inflows for IBIT have reached $31.33 billion, further solidifying its position in the market. On the other hand, the Grayscale Bitcoin Trust ETF has seen outflows exceeding $20 billion despite holding $21.61 billion in net assets.
Digital asset investment products have attracted a total of $37 billion in inflows year-to-date, with Bitcoin ETFs driving the surge. CoinShares data indicates that the US market has seen significant inflows, while countries like Germany, Sweden, and Switzerland have experienced outflows as investors take profits at recent price highs.
In addition to Bitcoin ETFs, short-Bitcoin products have also seen $10 million in inflows, suggesting that some investors are hedging against potential downside risks. Meanwhile, markets in Australia, Canada, and Hong Kong have shown optimism, contributing approximately $70 million in inflows.
Despite Bitcoin hitting a new all-time high of $99,655.50 on Nov. 22, it fell short of the much-anticipated $100,000 milestone. The current price stands at $98,459.95, reflecting the volatility and excitement surrounding the crypto market.
As the crypto boom continues, the record inflows into Bitcoin ETFs signal a growing interest in digital assets among investors worldwide. Subscribe to our newsletter for more insights and updates on the latest market trends.