$2.6 billion in capital flowed into US-based Bitcoin spot ETFs in the first week of November, as Bitcoin surged to nearly $90,000.
Bitcoin's strong rise from $69,000 to nearly $90,000 in just 7 days, as of November 11, has created a strong wave of investment in Bitcoin spot ETFs in the US.
According to data from Farside Investors, total capital inflows into these funds reached $2.6 billion in the week of November 6-11. The event shows the growing appeal of Bitcoin to investors, despite the volatility of the cryptocurrency market.
Bitcoin ETF Spot Flow Data. Source: Farside Investors The Appeal of Bitcoin ETFs
Bitcoin's significant price increase has been fueled by bullish market sentiment and fear of missing out (FOMO) among investors, which has encouraged both individual and institutional investors to increase their presence in the cryptocurrency market.
Among the 11 spot Bitcoin ETFs in the US, BlackRock’s iShares Bitcoin Trust leads in terms of capital raised, reaching over $2 billion during this period. The impressive figure reflects investors’ confidence in Bitcoin’s growth potential, as well as the reputation of BlackRock – one of the world’s largest asset management companies.
In addition to BlackRock, other Bitcoin ETFs also saw significant inflows. Fidelity's Wise Origin Bitcoin Fund attracted $668.3 million, Bitwise Bitcoin ETF attracted $180 million, and ARK 21Shares Bitcoin ETF reached $253.2 million.
Notably, the Grayscale Bitcoin Trust (GBTC), which was once known for contributing to $20 billion in outflows from the ETF ecosystem, has also seen positive net inflows amid Bitcoin's price surge. Grayscale's GBTC and BTC have collectively brought in $219.8 million since November 6, according to Farside Investors. This shows a return of investor confidence in Grayscale after a volatile period earlier.
The positive investor sentiment extends beyond Bitcoin to the Ethereum market. On November 11, U.S.-based spot Ether ETFs recorded their highest daily inflow since their launch in July, reaching $294.9 million, surpassing the previous record of $106.6 million on the day of their launch. “Ethereum is starting to gain traction after being a bit of a laggard in this cycle,” said Rachael Lucas, a crypto analyst at BTC Markets.
