Larry

Bitcoin ETF

Bitcoin

The U.S.&nbsp;<a href="https://www.thecoinrepublic.com/2024/07/14/spot-bitcoin-etfs-record-310m-inflows-best-since-early-june/">spot Bitcoin ETFs</a>&nbsp;saw inflows of $555.86 million in a single day. That’s the highest daily net inflow since June 4, as <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/">Bitcoin’s</a> price hits $66,435. Following a period of positive inflows that helped push Bitcoin higher in a mixed global market response, the surge in inflows came at the end of a bullish streak. 
Meanwhile, the strong interest in Bitcoin ETFs hasn’t subsided, as Fidelity’s FBTC took $239.25 million of Monday’s inflows. Also significant were $100.2 million pumped into BITB, the exchange-traded fund, or ETF, created by Bitwise, $79.51 million added to IBIT, which BlackRock manages, and $69.79 million into ARKB, an ETF from Ark Invest. 
That was on top of Bitcoin ETF inflows worth $21.1 million, up from $9.25 million the day before, bringing the total trading volume of Bitcoin ETFs to $2.61 billion. 
The GBTC, Grayscale’s trust that tracks the BTC, picked up $37.77 million after 10 days of no inflows. Meanwhile, smaller funds such as VanEck’s HODL, Franklin Templeton’s EZBC, and Invesco’s BTCO took in a combined $24.6 million. 
All Bitcoin ETFs posted outflows, but none reported outflows, meaning investors are still backing the sector. 
<h2 class="wp-block-heading" id="h-bitcoin-etf-inflows-hit-new-highs">Bitcoin ETF Inflows Hit New Highs</h2> 
Fueled by the continued rise in Bitcoin’s price, inflows into spot Bitcoin ETFs keep rising. Bitcoin peaked early Tuesday at $66,435, CoinMarketCap data shows, before sinking to $65,687. 
This is to say that the price rally is brought on by the inflows into Bitcoin ETFs, which show investors are pushing the price of Bitcoin up and down, revealing a strong correlation between demand from investors and the performance of Bitcoin’s market. 
Bigger market factors have also been at play in the digital currency’s road thus far. This comes as U.S. Vice President&nbsp;<a href="https://www.thecoinrepublic.com/2024/09/23/kamala-harris-pledges-to-safeguard-crypto-ai-industry-future/">Kamala Harris</a>&nbsp;pledged to develop a regulatory framework for cryptocurrency and China’s latest stimulus measures. Recent high Bitcoin prices have been the result of global factors as well as the inflows to these funds. 
New data revealed that Bitcoin ETF inflows are led by Fidelity, BlackRock, and Bitwise, indicating continued institutional interest in Bitcoin. For example, on Monday, WisdomTree’s BTCW and Hashdex’s DEFI had zero flows, showing that investors prefer some funds over others. 
<h2 class="wp-block-heading" id="h-larry-fink-predicts-massive-growth-for-bitcoin">Larry Fink Predicts Massive Growth for Bitcoin</h2> 
Blackrock CEO Larry Fink predicts Bitcoin could become as big as the U.S. housing market. The U.S. housing market is $50 trillion today and could grow to $100 trillion by 2040. 
According to Fink’s statement, Bitcoin’s market cap of $1.3 trillion and its current price of roughly $28,000 mean its growth potential could see its value reach $5 million per coin. 
We also spoke with Nate Geraci, president of ETF Store, about global demand for Bitcoin ETFs. He noted that net inflows into these funds have reached $20 billion over the past 10 months, much higher than pre-launch expectations. The consistent growth reflects institutional investors’ increasing confidence about Bitcoin’s long-term prospects. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Monster day for spot btc ETFs… $550mil inflows. Now approaching *$20bil* net inflows in 10mos. Simply ridiculous &amp; blows away every pre-launch demand estimate. This is NOT “degen retail” $$$ IMO. It’s advisors &amp; institutional investors continuing to slowly adopt.— Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1846015202564747387?ref_src=twsrc%5Etfw">October 15, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Investors poured into Bitcoin ETFs, but&nbsp;<a href="https://www.thecoinrepublic.com/price-prediction/ethereum/">Ether</a> ETFs&nbsp;also made it. BlackRock’s $14.31 million into ETHA led Ether ETFs to draw in $17.07 million daily net inflows on October 14. But despite Bitcoin’s dominance, it stands to reason that there’s broader interest in cryptocurrency-based investment products, given Ether’s rise. 
We are entering a new age of Bitcoin ETFs, and inflows into these funds are surging. While investors continue to pump money into these funds, this demonstrates growing endorsement and placebo in Bitcoin as a genuine asset class. The inflows and trading volumes underline the momentum behind Bitcoin ETFs, which have increased sharply. 
The post <a href="https://www.thecoinrepublic.com/2024/10/15/bitcoin-etfs-see-massive-555-8m-surge-as-inflows-hit-record-highs/">Bitcoin ETFs See Massive $555.8M Surge, Inflows Hit Record High</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Bitcoin ETFs See Massive $555.8M Surge, Inflows Hit Record High

Table of Contents

Thecoinrepublic.com

Other articles published on Oct 15, 2024

What is the Latest Trending Blockchain Game "Off The Grid"?

VanEck Expands into Venture Capital with $30M Fund for Fintech, Blockchain, and AI

94% of Bitcoin holders are in profit; will they sell?

Jacob Bury’s 5 Best Crypto Picks for Today’s Market – $AAVE, $NEIRO, $PEPU, $BRETT, $OM

Qubetics’ Non-Custodial Wallet Gives Users Control Over Digital Wallets as Polygon and Solana Bea...

Qubetics: Tokenise Real-World Assets and Unleash New Investment Opportunities Amid AAVE and THETA...

Join our free newsletter for daily crypto updates!