As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends, but none quite as captivating as the recent surge of Bitcoin and its impact on exchange-traded funds (ETFs). The meteoric rise of Bitcoin to nearly $90,000 in a matter of days is nothing short of remarkable.
The significant increase in Bitcoin’s value to around $90,000 in early November led to a huge flow of resources into U.S.-based Bitcoin exchange-traded funds (ETFs), indicating increased investor interest.
Starting on November 6th, Bitcoin (BTC) embarked on a significant price rise that pushed its value from approximately $69,000 to around $90,000 within a week. This rapid increase in Bitcoin’s price was fueled by optimistic market feelings and the fear of missing out (FOMO), causing both individual and institutional investors to boost their involvement with Bitcoin.
During the week of November 6th through 11th, U.S. investments in spot Bitcoin ETFs totaled approximately $2.6 billion, as reported by data from Farside Investors.
All ETF providers attracted investments amid Bitcoin bull run
Among the 11 U.S.-approved Bitcoin Spot ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) attracted the most investments totaling approximately $2 billion during that timeframe.
Among other notable ETFs, Fidelity’s Wise Origin Bitcoin Fund (FBTC), Bitwise Bitcoin ETF (BITB), and ARK 21Shares Bitcoin ETF (ARKB) were significant contributors to the weekly investments, with inflows of approximately $668.3 million, $180 million, and $253.2 million respectively.
Grayscale records a rare positive inflow streak
Furthermore, it’s worth noting that even the Grayscale Bitcoin Trust (GBTC), notorious for causing approximately $20 billion in withdrawals from the ETF market, surprisingly experienced net gains during the Bitcoin rally.
As an analyst, I’ve found that since November 6th, the combined inflows for Grayscale’s Bitcoin ETFs, specifically GBTC and BTC, amount to approximately $219.8 million, according to Farside Investors’ latest data.
The positive investor sentiment trickled over to the spot Ether ETFs ecosystem. On Nov. 11, the spot Ether ETFs in the US recorded their highest-ever daily inflows since its launch in July.
On November 11, Ether Exchange-Traded Funds (ETFs) saw a whopping $294.9 million poured in, breaking the initial record set on its launch day which was only $106.6 million.
In her note to CryptoMoon, BTC Markets analyst Rachael Lucas stated that after falling behind during much of the current cycle, Ethereum is now showing signs of gaining momentum.
Read More
- GBP EUR PREDICTION
- HBAR PREDICTION. HBAR cryptocurrency
- POL PREDICTION. POL cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- CNY RUB PREDICTION
- TRB PREDICTION. TRB cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- HOOK PREDICTION. HOOK cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
2024-11-12 14:01