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United States investors increased exposure to Bitcoin and Ether ETFs as a strong price rally fueled unprecedented inflows.
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Bitcoin’s price surge to nearly $90,000 in early November sparked a massive influx of funds into spot Bitcoin exchange-traded funds (ETFs) in the United States.
On Nov. 6, Bitcoin (BTC) commenced a bull run that catapulted its price from the $69,000 mark to nearly $90,000 in just seven days. The surge in Bitcoin’s price, driven by positive market sentiment and the fear of missing out (FOMO), led both retail and institutional investors to increase their exposure to Bitcoin.
As a result, investments into spot Bitcoin ETFs in the US for the week of Nov. 6–11 amounted to $2.6 billion, according to data sourced by Farside Investors.
Spot Bitcoin ETF investment inflow and outflow data. Source: Farside Investors
All ETF providers attracted investments amid Bitcoin bull run
Of the 11 spot BTC ETFs approved in the United States, BlackRock’s iShares Bitcoin Trust (IBIT) brought in the highest investments worth roughly over $2 billion during the period.
Other prominent ETFs that contributed to the weekly inflows include Fidelity’s Wise Origin Bitcoin Fund (FBTC), the Bitwise Bitcoin ETF (BITB) and ARK 21Shares Bitcoin ETF (ARKB), recording inflows of $668.3 million, $180 million and $253.2 million, respectively.
Grayscale records a rare positive inflow streak
Moreover, the Grayscale Bitcoin Trust (GBTC), which has infamously contributed to $20 billion in outflows from the ETF ecosystem, also recorded net positive inflows amid the Bitcoin bull run.
According to Farside Investors, both of Grayscale’s Bitcoin ETFs — GBTC and BTC — together raked in $219.8 million since Nov. 6.
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The positive investor sentiment trickled over to the spot Ether ETFs ecosystem. On Nov. 11, the spot Ether ETFs in the US recorded their highest-ever daily inflows since its launch in July.
The spot Ether ETFs recorded $294.9 million in inflows on Nov. 11 — smashing the previous record of $106.6 million on launch day.
“After being a laggard for most of this cycle, Ethereum is starting to catch a bid,” said BTC Markets crypto analyst Rachael Lucas in a note to Cointelegraph.
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This article first appeared at Cointelegraph.com News
