The price of Bitcoin recently surged past the crucial $63,000 mark after weeks of consolidation between the $55,000 and $57,000 range. Amid this rise, Bitcoin ETFs have also seen significant inflows.
Rapid Bitcoin Growth
The price of Bitcoin (BTC) witnessed a remarkable surge recently, surpassing the crucial $63,000 mark after weeks of consolidation around the $55,000 to $57,000 range. Amid this bullish momentum on the crypto market, Bitcoin-based ETFs have also seen a massive surge in inflows. According to SoSoValue, Bitcoin spot ETFs witnessed a total net inflow of $158 million on Sept. 19.
Largest Bitcoin ETFs
Ark Invest and 21Shares' ETF ARKB dominated the market with a massive single-day net inflow of around $81 million, while Fidelity ETF FBTC secured a single-day net inflow of approximately $49 million. On the other hand, Bitwise’s ETF BITB saw a single-day net inflow of $10.36 million, followed by Grayscale’s ETF BTC securing a single-day net inflow of $9.54 million.
BlackRock ETF Slowdown
However, it should be noted that BlackRock’s IBIT had a neutral day, as there were no inflows or outflows for the ETF. This is a surprising development as BlackRock’s Bitcoin ETF has been one of the most successful ETFs on the market. Despite its recent stagnant performance, the BlackRock Bitcoin ETF remains the biggest ETF on the market with a cumulative net inflow of $22.67 billion. Compared to it, Grayscale’s GBTC has a cumulative net inflow of $14.02 billion, while Fidelity’s FBTC has a cumulative net inflow of $11.20 billion. The cumulative total net inflow of the ETF market is currently at $17.60 billion, while the total net assets are at a whopping $57.82 billion, which accounts for 4.64% of the total Bitcoin market cap.
The recent surge in Bitcoin and significant increases in ETF inflows highlight investors' interest and confidence in the cryptocurrency. Despite some neutral moments, such as the stagnation in the BlackRock ETF, the market continues to show high activity.
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