- Spot Bitcoin ETFs attracted billions in weekly inflows.
- The funds saw their highest inflows since mid-March.
- Bitcoin price also gained significantly.
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) turned positive for a sixth consecutive day, pushing their weekly inflows to billions.
The extended inflow streak coincided with the Bitcoin price surge toward $70,000 amid reports of Japan’s possible upcoming stimulus package, which Reuters said could exceed last year’s $87 billion.
Sponsored
Bitcoin price crossed the $68,000 mark on Wednesday for the first time since July 19. At the same time, the crypto asset’s dominance reached a new cycle high of 58.91%, the strongest reading since April 21. CoinMarketCap data shows that BTC traded at $68,308 with a market capitalization of $1.35 trillion at the time of writing.
Bitcoin ETF Weekly Inflows Top $2 Billion
According to SoSoValue data , spot Bitcoin ETFs in the U.S. logged a weekly total net inflow of $2.13 billion between October 14 and October 18, the highest level seen since the week ending on March 15, when the funds attracted $2.57 billion.
BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, saw net inflows of $1.14 billion this week through Friday’s close, marking its largest weekly inflow since mid-March when it recorded over $2.4 billion in weekly inflows.
Other funds with notable weekly inflows included Fidelity’s FBTC, Ark Invest’s ARKB, and Bitwise’s BITB, which pulled in $318.81 million, $306.04 million, and $149.81 million, respectively.
In contrast to Bitcoin, Ether ETFs attracted a mild weekly total net inflow of $78.89 million following three days of consecutive inflows. BlackRock’s ETHA and Fidelity’s FETH largely dominated the weekly inflows, pulling in $49.76 million and $43.52 million.
Read about Plasma’s Bitcoin scaling solution for payments:
Bitfinex-Backed Plasma Teases Bitcoin Scaling Solution for Payments
Stay updated on Mow’s advocacy for Bitcoin adoption in Germany:
Mow Advocates for Bitcoin State Adoption at German Bundestag
