The price broke the $67,800 mark, the highest in three months.
Nate Geraci, president of #ETF Store, called it a landmark day for the spot #BTC ETF, noting that net inflows over the past 10 months have approached $20 billion.
Unbelievable. This has blown away any demand projections made before the launch. Advisors and institutional investors continue to slowly enter the market, he wrote.
#Bitcoin fund Fidelity Wise Origin leads the way with $239.3 million in inflows, the highest since June 4. It is followed by the Bitwise Bitcoin ETF with more than $100 million, and the BlackRock iShares Bitcoin Trust with $79.6 million.
Analogously, the Ark 21Shares Bitcoin ETF recorded inflows of just under $70 million, and the Grayscale Bitcoin Trust recorded its first October inflow of $37.8 million, the highest since early May.
The recent surge in inflows into bitcoin ETFs is due to a combination of factors that some experts are calling a perfect storm for crypto investing.
For example, Chris Arlia, head of cryptocurrency exchange Bybit, pointed to the upcoming U. S. election as a key factor, adding that as the November U. S. election approaches, investors can bet more confidently on a resumption of the bullish trend in BTC.
Both sides in the US election have made positive statements about cryptocurrencies, and clarity is expected on the regulatory status.
Alicia Kao, managing director of cryptocurrency exchange KuCoin, also told Cointelegraph that growing macroeconomic optimism is also a key factor driving the trend. She said that economic data released by various US agencies has allayed fears of a possible recession, and the Federal Reserve has already started to gradually lower interest rates.
It also noted that regulatory clarity and the global listing of cryptocurrency ETFs have led to a steady increase in hedge fund participation in #digital assets.
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