- Spot Bitcoin ETFs extended their positive streak to a fourth day this week.
- The funds saw $1 billion in daily net inflows.
- The development came as Bitcoin’s price approached the $100,000 mark.
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) attracted massive inflows on Thursday, extending their positive streak to a fourth consecutive day this week.
The funds have generally witnessed an uptick in trade volume and net inflows in the past few days amid a bullish crypto market fueled by Donald Trump’s decisive re-election to the White House and the expected Federal Reserve’s interest rate cut in December.
Investors Bet Big on Bitcoin
According to SoSoValue data, spot Bitcoin ETFs saw daily net inflows totaling $1 billion on November 21, underscoring the growing institutional interest in exposure to the world’s largest cryptocurrency by market cap.
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BlackRock’s IBIT accounted for the lion’s share of the day’s inflow, pulling in $608.41 million as Fidelity’s FBTC, Bitwise’s BITB, and the ARK 21Shares Bitcoin ETF(ARKB) attracted $300.95 million, $68 million, and $17.18 million, respectively.
Grayscale’s GBTC seemingly fell out of favor with investors, bleeding $7.8 million to bring its cumulative net outflow since launch to $20.26 billion. The rest of the funds posted zero flows apart from the Grayscale Mini-Bitcoin Trust (BTC), VanEck’s HODL, and Franklin Templeton’s EZBC, which saw mild inflows totaling $18.23 million.
The continued inflows into the funds came as Bitcoin inched closer to the $100,000 mark, with prices hovering above $99,000 for most of Friday. Per CoinMarketCap data, the crypto asset reached a daily high of $99,481 at about 10:44 a.m. (GMT+3) before paring some of the gains to exchange hands at $98,755 at the time of writing.
The overall crypto market cap reached a record $3.4 trillion after adding 4.5% in the last 24 hours, mainly on Bitcoin’s jump and XRP’s 24.2% gain during the same period. Other smaller cryptos that soared include Ether and Solana, which gained 6.94% and 6.93% in the last day.
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