GBTC - $241M Spot Bitcoin ETF Inflows On Monday Fuel Rally Above $70K | Benzinga
Bitcoin (CRYPTO: BTC) spot ETFs on Monday experienced a substantial net inflow of $241 million, marking a significant boost in investor confidence in the cryptocurrency market.
What Happened: The Ark Invest and 21Shares’ ETF (BATS:ARKB) led the charge with an inflow of $68.2812 million, followed closely by BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) with $66.3502 million, Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) with $64.01 million, Bitwise’s Bitcoin ETF (BATS:BITB) with $27.98 million and the Grayscale Bitcoin Trust (OTC:GBTC) with $9.3475 million, according to data from SoSo Value.
The recent inflows reflect a growing interest in Bitcoin spot ETFs, as investors respond to favorable market conditions and anticipated interest rate cuts.
According to CoinShares Research, digital asset investment products recorded inflows totaling $932 million for the second consecutive week.
This surge was primarily driven by the lower-than-expected Consumer Price Index (CPI) report, with 89% of the week’s inflows occurring in the last three trading days.
James Butterfill of CoinShares highlighted ...