Bitcoin Surges Past $60,000 Amid $39M ETF Inflows, MicroStrategy Buys $1.1B BTC

Sep 13, 2024, 01:31 PM

Bitcoin has surged past $60,000 for the first time this month, driven by significant inflows into Bitcoin ETFs. On September 11, Bitcoin spot ETFs recorded net outflows of $43.97 million, primarily from ARKB and Grayscale. However, the trend reversed on September 12, with net inflows of $39 million, with major contributions from ARK Invest and Fidelity. The following day, Bitcoin ETFs saw an additional $41.07 million in net inflows. This upward momentum in Bitcoin's price, which had previously hovered around $58,000 and $59,500, was further supported by MicroStrategy's announcement of a $1.1 billion purchase of Bitcoin, bringing their total holdings to 1.16% of all Bitcoin in existence. Meanwhile, Ethereum ETFs experienced net outflows, with $20.14 million on September 12 and $1.68 million on September 13. BlackRock's Bitcoin ETF, IBIT, also reported a trading volume of $1.1 billion on September 13.