US Spot Bitcoin ETFs Garner $555 Million as Bitcoin Surges Past $66,000
Spot Bitcoin ETFs in the US have just recorded a significant net inflow, surpassing $555 million on Monday.
This marks the highest net inflow since June 5, signaling a strong resurgence in investor demand for Bitcoin. Simultaneously, the price of Bitcoin also surged.
Bitcoin Surpasses $66,000According to data from Coinglass, on October 14, all spot Bitcoin ETFs recorded an inflow of $555.90 million. Additionally, the total trading volume of Bitcoin ETFs reached $2.78 billion, the highest since August 25.
Alongside this, Bitcoin’s price rose by more than 6.3% during the day, climbing back above $66,000 after a price correction earlier in October. However, as of writing, Bitcoin’s price has retraced, currently trading around $65,500.
Read More: What Is a Bitcoin ETF?
Total Bitcoin Spot ETF Net Inflow (USD). Source: Coinglass.
Farside data revealed that most Bitcoin ETFs saw positive netflow during Monday’s trading session, except for Wisdomtree’s BTCW, which had zero netflow. Fidelity’s FBTC led the buying activity with $239.3 million, followed by Bitwise’s BITB with $100.2 million. Even Grayscale’s GBTC, which usually experiences sell-offs, recorded a purchase of $37.8 million.
Positive Sentiment Surges as US Election Nears Final StagesBloomberg analysis suggests that the recent Bitcoin price rally is driven by investor optimism that the newly elected president will help bolster the crypto industry through improved regulatory policies. While presidential candidate Trump has vowed to replace SEC Chairman Gary Gensler, candidate Kalama Harris has pledged to support a regulatory framework for cryptocurrencies.
However, Blackrock CEO Laurence Fink expressed that the outcome of the election might not significantly impact the sector.
“Well, first, I’m not sure if either President or other candidate would make a difference. I do believe the utilization of digital assets are going to become more and more of a reality worldwide. Conversations we’re having with institutions worldwide, conversations about how should they think about digital assets, what type of asset allocation there should be. I mean, we believe Bitcoin is an asset class in itself.” – Laurence Fink said.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
CryptoQuant’s Bitcoin Apparent Demand indicator shows that Bitcoin demand is making a strong comeback. This metric gauges investor demand by comparing newly mined Bitcoin and the supply that has remained inactive for over a year.
Bitcoin Apparent Demand. Source: CryptoQuant.
The chart reveals that the last major spike in Bitcoin Apparent Demand occurred in early 2024 when Bitcoin’s price surged from $40,000 to over $72,000.
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