The United States’ spot Bitcoin ETFs saw a remarkable week, pulling in more than $1.1 billion in inflows. This marks the highest weekly inflow since mid-July, from July 15 to July 19.
On September 27, the inflows hit an impressive $494.4 million, making it the strongest single day since June 4, as reported by Farside Investors. The day before, on September 26, spot Bitcoin ETFs gathered an additional $366 million, contributing to the weekly surge.
Top Performers: BlackRock, ARK, and Fidelity
BlackRock’s iShares Bitcoin Trust led the charge, with a massive $499 million in inflows. Following closely behind, ARK 21Shares Bitcoin ETF recorded $289.5 million, and the Fidelity® Wise Origin® Bitcoin Fund added $206.1 million during the week.
Other notable Bitcoin ETFs also saw moderate inflows. The Invesco & Galaxy, Franklin Templeton, Valkyrie, and VanEck Bitcoin products experienced inflows ranging from $5.7 million to $33.3 million. However, WisdomTree Bitcoin Fund reported no inflows for the week.
In total, the 11 active spot Bitcoin ETFs have now amassed $18.8 billion in inflows since their inception, reflecting strong investor confidence in Bitcoin-based investment products.
Bitcoin Price Rally After Federal Reserve Rate Cut
The surge in Bitcoin ETF inflows comes in the wake of the Federal Reserve’s decision to cut interest rates on September 18. Since the rate cut, Bitcoin has rallied by 13.8%, reaching a price of $65,800, according to CoinGecko.
This price increase puts Bitcoin just 10.8% away from its all-time high of $73,738, which was set on March 14. With only a few days left until the start of October, investors are looking ahead to the fourth quarter of 2024, a historically strong period for Bitcoin. Data from CoinGlass indicates that Bitcoin has posted gains of 50% or more during five of the last nine fourth quarters.
Ether ETFs Also See Strong Inflows
While Bitcoin ETFs dominated the news, U.S. spot Ether ETFs also recorded significant inflows, reaching $85 million for the week. This marked the largest weekly inflow for Ether ETFs since early August, from August 5 to August 9.
Since launching on July 23, Ether ETFs have brought in just over $1.1 billion in total inflows. However, this figure is offset by the $2.9 billion in outflows from the Grayscale Ethereum Trust during the same period.
Investors Eye Bitcoin’s Strong Q4 Potential
As the fourth quarter approaches, many investors are optimistic about Bitcoin’s potential for further growth. Historically, the final quarter of the year has been a strong period for the cryptocurrency, with substantial price increases in several past years.
With Bitcoin ETF inflows on the rise and positive market trends in motion, many are watching closely to see if Bitcoin can reach new heights before the year ends.
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