Bitcoin ETF Inflows Fuel Price Surge
Bitcoin (BTC) is on the rise again, fueled by record-breaking inflows into spot Bitcoin exchange-traded funds (ETFs). In the last seven days, over **US$1 billion** has poured into these funds, bringing the year-to-date total to **US$16 billion**.
BlackRock Takes the Lead
BlackRock’s iShares Bitcoin Trust (IBIT) has emerged as the largest Bitcoin ETF in terms of daily net inflows, absorbing over **US$117 million**. This surge in inflows has pushed Bitcoin prices above **US$65,000**, a 13.8% increase in the last week.
Other Notable Inflows
Other major ETFs like ARK Invest’s ARKB, Fidelity’s FBTC, and Bitwise’s BITB have also seen significant inflows. This positive trend marks the seventh consecutive day of strong Bitcoin ETF inflows.
A Shift in Market Sentiment
The recent price surge signals a potential shift in market sentiment, especially after Bitcoin’s bullish rally was dampened by regulatory pressures and recent events. The Crypto Fear and Greed Index currently sits at 69, indicating a generally optimistic market outlook.
Ethereum ETFs on the Horizon
The potential approval of spot Ethereum ETFs by the Securities and Exchange Commission (SEC) is further fueling optimism in the crypto market. Ethereum (ETH) prices have also surged, reaching **US$3,483** in the last seven days, a 13.53% increase.
Overall, the surge in Bitcoin ETF inflows suggests a growing institutional appetite for Bitcoin, which could have a significant impact on the cryptocurrency’s price in the coming months.
