Inflows into the spot Bitcoin ETF have skyrocketed once again with the Bitcoin price crossing more than $65,000 for the first time in nearly two months. The global rate cuts have provided a strong catalyst as BTC prepares for the best September on record with 10% monthly gains. Also, the current development shows that institutional interest in Bitcoin is back ahead of the expected Q4 bull run.
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Spot Bitcoin ETF Inflows Surge
On Thursday, September 26, the total inflows into spot Bitcoin ETFs surged to $365 million, the highest single-day inflows in September. Furthermore, it also marks six consecutive days of inflows into the ETF products.
The Ark Invest BTC ETF (ARKB) led the pack with $113 million in inflows followed by BlackRockâs IBIT with $93.4 million in inflows. With its continuous purchases, BlackRock Bitcoin holdings have surged to 359,606 BTC making it one of the largest holders.
On the other hand, FBTC saw inflows at $74 million while BITB saw inflows at $50 million. The outflows have also dropped significantly with Grayscaleâs GBTC seeing only $7.7 million outflow on Thursday, per the Farside Investors data. All in all, the spot Bitcoin ETFs scooped a total of 5,602 BTC from the market yesterday.
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The recent inflows into spot BTC ETFs come on the backdrop of strong trading volumes. Yesterday, BlackRockâs IBIT led the pack with $1.52 billion in trading volume, followed by the ProShares Bitcoin Strategy ETF (FBTC) at $355 million.
Popular crypto analyst Ki Young Ju stated that the US is regaining dominance in BTC holdings driven by strong flows into spot ETF. Thus the ratio of US BTC holdings in comparison to other countries has also surged.
