Bitcoin’s price has seen a significant rise in the US market after substantial recent investments in spot Bitcoin exchange-traded funds (ETFs). Last week alone, a net investment of approximately $506.5 million was recorded in Bitcoin ETFs, marking the largest single-day inflow in three weeks. This followed an earlier investment of around $257.7 million, bringing total inflows over two days to more than $750 million. This wave of investment has halted a five-week streak of $3.8 billion in outflows, which had raised concerns about institutional investor interest. Although Bitcoin ETFs have experienced a net outflow of about $2 billion so far this year, recent investments indicate signs of recovery.
During this period, BlackRock’s iShares Bitcoin Trust attracted roughly $297.4 million, accounting for over 60% of total inflows. Grayscale’s Bitcoin Trust also saw an inflow of $102.5 million, while positive investments were noted in Bitcoin ETFs managed by Bitwise, Fidelity, Invesco, and VanEck. Bitcoin’s price approached $70,000, up from below $64,000 at the start of the week. This market strength demonstrates renewed institutional interest in Bitcoin, reflecting improved stability and confidence compared to last year’s turbulence following multiple crypto company bankruptcies. Major US banks continue to develop crypto products, further bolstering Bitcoin’s foundation.
Experts suggest that if this investment trend continues, Bitcoin ETFs may show weekly gains for the first time in over a month. Currently, Bitcoin trades near $67,000, and analysts believe the recent weakness is due to temporary confidence issues, with potential for further price increases.
Source: bitcoinmagazine
