US Bitcoin ETFs raked in $1.1B this week, most since mid-July

The United States spot Bitcoin exchange-traded funds raked in more than $1.1 billion this week, making it the largest week of inflows since July 15-19.

It included $494.4 million on Sept. 27 — the best-performing day since June. 4, according to Farside Investors. The solid day came one day after the spot Bitcoin ETFs tallied $366 million on Sept. 26.

Weekly flows were led by BlackRock’s iShares Bitcoin Trust, ARK 21Shares Bitcoin ETF and the Fidelity® Wise Origin® Bitcoin Fund at $499 million, $289.5 million and $206.1 million, respectively.

The Invesco & Galaxy, Franklin Templeton, Valkyrie and VanEck Bitcoin products saw inflows between $5.7 million and $33.3 million, while the WisdomTree Bitcoin Fund didn’t record an inflow during the week.

The latest inflows bring the aggregate inflow since inception for all 11 spot ETFs combined to $18.8 billion.

The rise in spot Bitcoin ETF flows comes in wake of the Federal Reserve’s interest rate cut on Sept. 18.

Since then, Bitcoin has rallied 13.8% to $65,800, CoinGecko data shows.

The cryptocurrency is now only 10.8% off its all-time high price of $73,738 set on March. 14.

There are now two days until October and 2024’s fourth quarter — a quarter in which Bitcoin has recorded a 50% or higher gain in over five of the last nine years, CoinGlass data shows.

Meanwhile, the US spot Ether ETFs recorded $85 million in inflows this week, making it the biggest week since Aug. 5-9.

The Ethereum products have taken in a little more than $1.1 billion — when factoring in the $2.9 billion in outflows from the Grayscale Ethereum Trust — since launching on July. 23.

Source: https://cointelegraph.com/news/us-bitcoin-etfs-record-best-week-since-mid-july