Spot Bitcoin ETFs continue their meteoric rise in US financial markets, with weekly net inflows reaching $1.7 billion from November 11-15. This performance is part of an uninterrupted six-week streak of positive inflows, bringing assets under management to a record level of $95.4 billion.
Bitcoin ETFs Continue Six Straight Weeks of Positive Inflows
Spot Bitcoin exchange-traded funds (ETFs) saw net inflows of $1.67 billion during the week of November 11-15, 2024, according to data from the SoSoValue platform.
This performance is part of a exceptional dynamics which began on October 11, with cumulative inflows now reaching $8.95 billion over six weeks.
BlackRock's iShares Bitcoin Trust (IBIT) emerges as the undisputed leader in the sector, totaling $29.3 billion in historic inflows. In contrast, the Grayscale Bitcoin Trust has seen significant outflows of $20.3 billion since the launch of spot Bitcoin ETFs in January.
This wave of investments propelled the total net assets of spot Bitcoin ETFs to $95.4 billion, now representing 5.27% of the total Bitcoin market capitalization, estimated at $1.8 trillion.
A booming market
The craze for Bitcoin ETFs came alongside a spectacular rise in the price of the crypto, which crossed the $90,000 threshold for the first time on November 12, before setting a new all-time high at 93,400. dollars the next day.
Prominent institutional investors are increasing their exposure to Bitcoin, including billionaire Paul Tudor Jones, who significantly increased his position in BlackRock's ETF in the third quarter with a $130 million investment.
He is now among the top ten holders of IBIT, alongside giants like Goldman Sachs, which increased its holdings by 71% to $710 million.
The ripple effect is also being felt across other crypto financial products, including Ethereum ETFs which saw weekly inflows of $515 million, marking their third consecutive week of positive flows.
Sustained demand for Bitcoin ETFs reflects a growing maturity of the crypto market and increased confidence among institutional investors in this asset class, despite the volatility inherent to the sector.
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