Spot Bitcoin [BTC] exchange-traded funds (ETFs) seem to be regaining momentum after a period of uncertainty, marked by unprecedented inflows.
The latest data from Farside Investors as of 27th September showed cumulative inflows of $494.4 million into Bitcoin ETFs.
While BlackRock’s iShares Bitcoin Trust (IBIT) usually leads in inflows, this time, the ARK 21Shares Bitcoin ETF (ARKB) took the spotlight with $203.1 million in new investments.
Fidelity’s FBTC and IBIT followed closely, garnering $123.6 million and $110.8 million respectively. Other ETFs such as Grayscale’s GBTC also experienced significant inflows.
The steady inflows into Bitcoin ETFs indicate a growing investor appetite, as Bitcoin has managed to regain its value amidst a bullish market trend.
Although Bitcoin faced challenges breaking past the $60,000 mark, it surged to $65,000 on 27th September. However, the latest price of Bitcoin is $63,602, reflecting a slight decline.
In addition to these inflows, Bitcoin Whale on X highlighted that spot Bitcoin ETFs bought 17,009 $BTC this week. They also noted that BTC Miners only created 2,250 more Bitcoin this week, indicating that demand is exceeding supply.
Former Chinese finance minister Lou Jiwei urged for a careful examination of crypto advancements amidst growing cryptocurrency interest.
He warned about the risks to financial stability, including volatility and money laundering, while noting the US’s changing stance, especially after the SEC approved spot Bitcoin ETFs.
As cryptocurrency adoption continues to increase and the sector evolves, it will be interesting to see how these developments unfold and what implications they hold for the future.
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