- Spot Bitcoin ETFs in the U.S. saw a heightened demand this week.
- The funds attracted over a billion from investors.
- Grayscaleโs GBTC pulled a surprise inflow on Friday.
U.S.-based spot Bitcoin exchange-traded funds (ETFs) extended their positive streak to a seventh day on Friday, attracting over a billion in weekly total net inflow.
The continued inflows signify increasing institutional demand for the funds, which have pulled a combined $18.8 billion in total net inflow since their debut in January.
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The demand, which had ebbed towards the end of August and beginning of September, was likely rekindled by the U.S. Federal Reserveโs rate cut this month. Typically, investors respond to lower borrowing costs by bidding up everything from stocks to volatile assets like cryptos.
Bitcoin ETF Market Heats Up
According to SoSoValue data, spot Bitcoin ETFs in the U.S. witnessed a total net inflow of $494.27 million on September 27, a notable jump from the previous dayโs $365.57 million.
Ark Invest and 21Sharesโ ARKB led the 12 funds for the second consecutive day with $203.07 million in net inflows, as Fidelityโs FBTC and BlackRockโs IBIT, the largest Bitcoin ETF by net assets, attracted $123.61 million and $110.8 million respectively.
Another notable inflow for the day was seen in Grayscaleโs GBTC, which pulled $26.15 million after posting a dismal performance in the last nine days, largely mired by zero flows and a couple of double-digit outflows.
Bitwiseโs BITB, VanEckโs HODL, Valkyrieโs BRRR, and Invescoโs BTCO posted a combined daily net inflow of $30.62 million on Friday as the remaining funds saw zero flows. Notably, none of the Bitcoin ETFs bled.
Cumulatively, the funds have attracted $1.1 billion in weekly net inflows, a strong performance buoyed the Bitcoin price over the past seven days. CoinMarketCap data shows that at the time of writing, the crypto asset traded at $65,581 after gaining 5% in the past week.
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