Bitcoin and Ethereum ETFs hit multi-week highs amid cryptocurrency market recovery
Bitcoin and #Ethereum ETFs recorded their highest multi-week inflows amid optimism over the cryptocurrency market recovery. #Bitcoin ETFs saw inflows of $1.11 billion and Ethereum ETFs saw inflows of $84.6 million, the highest since August.
Bitcoin and Ethereum exchange traded funds (ETFs) recorded the largest inflows this week during the session ending Friday, September 27. This came amid continued talk of a recovery in the cryptocurrency market.
September has historically been the worst month for bitcoin, so now that October is coming to an end, the market is hoping for an improvement in October. On Friday, crypto investors bought 7,526 bitcoins (BTC) and 22,310 etheriums (ETH), generating net inflows of $494.4 million and $58.7 million into bitcoin and etherium ETFs, respectively.
The blockchain analysis tool Spotonchain reported that these inflows brought weekly gross inflows back to levels seen a few weeks ago. Specifically, the Bitcoin #ETF (BTC) recorded positive inflows totaling $1.11 billion, the highest weekly inflow since July 19.
the Ethereum ETF (ETH), meanwhile, recorded inflows of $84.6 million between Monday and Friday, the largest weekly inflow since Aug. 9.
data from Farside Investors confirms the report. According to the report, BlackRock's IBIT ETF registered inflows of $11.5 million, excluding Monday's inflow, while Fidelity's FBTC registered $24.9 million.
Since its debut in the U. S. market in January 2024, spot bitcoin ETFs have attracted the attention of institutional investors because ETFs allow bitcoin to be directly included in a portfolio, avoiding the challenges associated with direct purchase and safe storage.
According to BeInCrypto, more than 1,000 institutional investors have signed up in just two 13F filing periods.
The macro environment is changing.
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