Spot Bitcoin exchange-traded funds (ETFs) in the United States have experienced unprecedented growth, with Monday’s net inflow shooting past the $62 million mark. Such a considerable upswing is probably a result of intensifying investor eagerness, this now even begins to excel over the highs experienced during the pre-bitcoin halving week.
Among the standout performers on Monday was FBTC with a net inflow of $34.83 million. The ARK 21Shares Bitcoin ETF and the iShares Bitcoin Trust also reported commendable performances. These were followed by the ProShares Bitcoin ETF’s increase in total net asset value. The VanEck Bitcoin Trust, and the Galaxy Digital Bitcoin Fund also followed suit, with considerable capital inflows that reflect the vibrant investor interest.
However, not all spot Bitcoin ETFs experienced a surge. The Grayscale Bitcoin Trust reported the day’s highest single-day net outflow, totaling about $35 million.
Surge in Bitcoin ETFs surpasses $62 million
This contrasts with the prevalent upbeat trend, with some Bitcoin ETFs witnessing a decrease in net inflows.
Despite varied daily performance, bitcoin ETFs have garnered a net inflow exceeding $12.38 billion since introduction, signifying their appeal among investors. The considerable trading volumes of these ETFs showcase investor conviction, with volumes consistently crossing the billion-dollar mark. As digital currencies secure a place in mainstream finance, ETFs’ popularity may continue to rise, highlighting the increasing role of decentralized finance in the global investment scenario.
Spot Bitcoin ETF player, IBIT, saw their market share spike dramatically to almost 54% in just the previous week. Bitcoin, which sits at just above $66,200, backs these funds.
In more news from the cryptocurrency world, cryptocurrency exchange Bitget has partnered with Foresight Ventures, and Pac Finance witnessed over $26 million in ‘unnecessary liquidations’. The decentralized exchange, Runes DEX, also managed to secure a $2 million seed investment for Bitcoin Automated Market Maker (AMM). Meanwhile, GBTC outflows have surpassed other spot Bitcoin ETF inflows for three consecutive days.
