Bitcoin the primary crypto asset has surged past $65,000 in a momentous resurgence following significant inflows into Bitcoin exchange-traded funds.
Inflows into the Bitcoin ETFs have reached a remarkable $365 million as of September 26, 2024, which reflects the growing interest by institutional investors in the cryptocurrency market.
The 12 Bitcoin ETFs have been a source of upward push for Bitcoin price and this latest surge is driven by serious inflows by institutional investors into the ETF products.
The biggest inflow for the month was from Blackrock ETF which hit record levels of $184 million on September 25, 2024.
This huge inflow into Blackrock coincides with withdrawals from numerous other ETFs, indicating a significant change in institutional investors’ views.
Other Bitcoin ETFs witnessed $2.1 million in inflows. BlackRock’s performance stands out and serves as a ray of hope among the market’s volatility.
The recent surge of funds into Bitcoin ETFs reveals that institutional investors are beginning to see Bitcoin as a tactical asset and are ramping up their investments in the assets.
Further factors adding to the recent bullish trend are economic factors such as the Federal Reserve’s stance which has introduced some confidence and calmed investors with a hope of some possible economic stability.
The CEO of Crypto Quant Ki Young Ju commented that the United States’ stance in the crypto industry is heavily dependent on how well the 12 spot Bitcoin ETFs in the country perform.
“The U.S. is regaining dominance in Bitcoin holdings. Its ratio compared to other countries is rising, driven by spot ETF demand. Only known entities are included.” Ki Young Ju stated.
Despite BlackRock’s ETF’s solid performance. other ETFs, including Ark 21Shares Bitcoin ETF and Fidelity’s Wise Bitcoin Origin Fund, have witnessed outflows of $33.2 million and $47.4 million, respectively.
Crypto analysts are keeping a close eye on how inflows into Bitcoin ETFs will continue to affect the price value of Bitcoin.