Bitcoin ETFs saw a jump in net buying on Friday, totaling $263 million, the greatest single-day inflow since July 22. This performance was fueled by a 12% gain in Bitcoin’s value, with one day seeing it surpass $60,000.
Fidelity’s Bitcoin (FBTC) saw a $102 million inflow, boosting its weekly profits to almost $218 million. Other Bitcoin ETFs managed by Bitwise, Franklin Templeton, Valkyrie, VanEck, and Grayscale saw positive inflows.
ARK Invest/21Shares’ Bitcoin Fund (ARKB) followed with around $99 million in net capital. Other rival Bitcoin ETFs managed by Bitwise, Franklin Templeton, Valkyrie, VanEck, and Grayscale saw positive inflows.
BlackRock’s iShares Bitcoin Trust (IBIT), WisdomTree’s Bitcoin Fund (BTCW), and Grayscale’s Bitcoin Mini Trust (BTC) all had no inflows.
The US spot Bitcoin ETFs concluded the week with net inflows of more than $400 million. The overall crypto market had a favorable day, with Bitcoin (BTC) climbing from $54,300 to $60,600 and Ethereum (ETH) jumping 8% to $2,400 in a week.
According to ARK Invest, the average cost basis of US spot Bitcoin ETF investors was higher than the current market price as of late August, indicating that the majority of participants are currently losing money. However, Bitcoin’s fundamentals remain optimistic, and overall opinion toward Bitcoin is positive.
