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Cryptocurrency News Articles
Bitcoin (BTC) Surges Past $65,000 as Institutional Investors Ramp up Investments in Bitcoin Exchange-Traded Funds
Sep 28, 2024 at 11:25 pm
Inflows into the Bitcoin ETFs have reached a remarkable $365 million as of September 26, 2024, which reflects the growing interest
Bitcoin price surged past $65,000 on September 27, 2024, following significant inflows into Bitcoin exchange-traded funds (ETFs).
As of September 26, 2024, inflows into the Bitcoin ETFs reached an impressive $365 million, reflecting the growing interest among institutional investors in the cryptocurrency market.
The 12 Bitcoin ETFs have been playing a crucial role in driving up Bitcoin prices, and this latest surge is largely attributed to substantial inflows from institutional investors into the ETF products.
The largest inflow for the month came from Blackrock ETF which hit record levels of $184 million on September 25, 2024.
This huge inflow into Blackrock coincided with withdrawals from several other ETFs, indicating a significant shift in the outlook of institutional investors.
While other Bitcoin ETFs saw inflows of $2.1 million, BlackRock's performance stood out and provided a beacon of optimism amidst the market volatility.
The recent surge of funds into Bitcoin ETFs indicates that institutional investors are increasingly viewing Bitcoin as a tactical asset and are ramping up their investments in the asset class.
Other factors contributing to the recent bullish trend include economic developments, such as the Federal Reserve's stance, which has instilled some confidence and calmed investors with hopes of potential economic stability.
Commenting on the development, Crypto Quant CEO Ki Young Ju highlighted the importance of the 12 spot ETF in the U.S., and its role in determining the country's standing in the crypto industry.
“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,” stated Ki Young Ju.
However, despite the strong performance of BlackRock's ETF, other ETFs, including Ark 21Shares Bitcoin ETF and Fidelity's Wise Bitcoin Origin Fund, witnessed outflows of $33.2 million and $47.4 million, respectively.
Crypto analysts are closely monitoring how the inflows into Bitcoin ETFs will continue to influence the directional price movement of Bitcoin.
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