Spot Bitcoin ETFs in the U.S. have been making waves since Sept. 23, pulling in over $1.1 billion in a single week. This spike marks the largest inflows since mid-July and shows no signs of cooling down. The numbers are crazy, especially when you look at the biggest day of the week—Sept. 27—where $494.4 million flowed in like it was nothing. According to Farside Investors, Sept. 26 also saw a hefty $366 million get stacked into these funds.
Big Players Leading the Charge
The heavyweight players, BlackRock’s iShares Bitcoin Trust, ARK 21Shares Bitcoin ETF, and Fidelity® Wise Origin® Bitcoin Fund, are riding high on these inflows. They grabbed $499 million, $289.5 million, and $206.1 million respectively. These three are clearly leading the pack, flexing their muscle in the market.
But the party didn’t stop there. Other ETFs like Invesco, Galaxy, Franklin Templeton, Valkyrie, and VanEck also pulled in cash, though their bags weren’t as loaded. These funds saw inflows ranging from $5.7 million to $33.3 million. On the flip side, WisdomTree Bitcoin Fund wasn’t invited to the dance this week—it didn’t record any inflows.
Since these ETFs launched in January, they’ve racked up a colossal $18.8 billion in total inflows, so they’re clearly doing something right. And this week’s action comes hot on the heels of the U.S. Federal Reserve’s rate cut on Sept. 18, which seems to have lit the fuse for Bitcoin’s recent 13.8% rally, pushing it up to $65,800, according to CoinGecko.
Bitcoin Marching Toward New Highs
Bitcoin’s momentum is undeniable, and it’s now only 10.8% shy of its all-time high of $73,738, set on March 14. With Q4 around the corner, Bitcoin could be prepping for another massive leg up. Data from CoinGlass shows that in five of the last nine years, Bitcoin’s Q4 gains have hit 50% or more, and the bulls are clearly circling again.
Meanwhile, spot Ether ETFs in the U.S. are having their moment too. This week saw $85 million in inflows, the largest since early August, while Ethereum’s products have notched over $1.1 billion in total since launch, factoring in Grayscale’s chunky $2.9 billion outflow.
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