Spot Bitcoin exchange-traded funds (ETFs) in the United States witnessed their most significant single-day inflows in over 120 days on Oct. 14.
With more than half a billion dollars pouring into the funds, Bitcoin’s (BTC) price topped $67,800 — its highest in more than three months.
ETF Store president Nate Geraci described the event as a landmark day for spot BTC ETFs, noting that they were approaching $20 billion in net inflows over the previous 10 months.
“Simply ridiculous & blows away every pre-launch demand estimate. This is NOT ‘degen retail’ $$$ IMO. It’s advisors & institutional investors continuing to slowly adopt,” he wrote.
The Fidelity Wise Origin Bitcoin Fund led the fray with an inflow of $239.3 million, its highest since June 4. It was followed by the Bitwise Bitcoin ETF with over $100 million and BlackRock’s iShares Bitcoin Trust with $79.6 million.
Similarly, the Ark 21Shares Bitcoin ETF saw inflows of just under $70 million, while the Grayscale Bitcoin Trust recorded its first October inflow of $37.8 million, its highest since early May.
Factors driving the Bitcoin ETF surge
The recent surge in Bitcoin ETF inflows is being attributed to a confluence of factors, creating what some experts are calling a “perfect storm” for crypto investments across the board.
For instance, Chris Aruliah, head of institution for crypto exchange Bybit, pointed to the upcoming US election as a key driver, adding:“As we edge closer to the US election in November, investors may be more confident in placing their bets that we’ll see the resumption of BTC’s bull trend. Both sides in the US elections have been making positive statements towards crypto and there is anticipation of regulatory clarity.”
Similarly, Alicia Kao, managing director for cryptocurrency exchange KuCoin, told Cointelegraph that growing macroeconomic optimism is another crucial factor driving this trend.
In her view, economic data released by various US agencies has eased concerns about a potential recession, with the Federal Reserve already beginning to lower interest rates gradually.
Daily Bitcoin ETF inflows on Oct. 14….
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