Originally published on: November 25, 2024
In a groundbreaking development, Bitcoin exchange-traded funds (ETFs) in the United States have shattered records with over $3.1 billion in weekly inflows. This surge in investment showcases the overwhelming enthusiasm of investors amidst Bitcoin’s meteoric rise.
According to data from crypto tracking platform SoSoValue, spot Bitcoin ETFs witnessed a massive net inflow of $3.38 billion during the week of Nov. 18-22. This astonishing figure marks a staggering 102% increase from the previous week’s $1.67 billion inflow, setting a new milestone for spot Bitcoin ETFs. Additionally, it represents the seventh consecutive week of positive flows, indicating sustained interest in Bitcoin investments.
Leading the charge is BlackRock’s iShares Bitcoin Trust (IBIT), boasting $48.95 billion in net assets as of Nov. 22 and cumulative inflows of $31.33 billion. Meanwhile, the Grayscale Bitcoin Trust ETF holds $21.61 billion in net assets but has experienced outflows exceeding $20 billion since its inception.
Year-to-date, digital asset investment products have raked in a total of $37 billion in inflows, surpassing the debut of gold ETFs, which only garnered $309 million in their first year of trading. The recent surge in Bitcoin ETF inflows has been fueled predominantly by US investors, overshadowing outflows from other regions such as Germany, Sweden, and Switzerland.
CoinShares’ data reveals a total of $3.12 billion in Bitcoin ETF inflows for the week, with short-Bitcoin products also attracting $10 million in inflows. This trend suggests that some investors are hedging against potential downside risks, while markets in Australia, Canada, and Hong Kong collectively contributed about $70 million in inflows, underlining a sense of optimism in these regions.
These remarkable inflows coincide with BTC hitting a new all-time high before undergoing a slight correction. Despite not breaching the coveted $100,000 mark, Bitcoin reached a peak price of $99,655.50 on Nov. 22, currently trading at $98,459.95.
As the crypto community eagerly awaits the momentous $100K milestone, the surge in Bitcoin ETF investments underscores a growing confidence in cryptocurrency as a lucrative asset class. Stay tuned for more updates on the crypto market and investment opportunities by subscribing to the Markets Outlook newsletter for critical insights and trading strategies.