US Bitcoin Spot ETFs Record $3.38B Inflows as Bitcoin Hits Record High of $99,800

Nov 25, 2024, 04:22 AM

US Bitcoin spot ETFs have recorded the largest weekly net inflows since their launch, totaling $3.38 billion during the week of November 18 to 22. BlackRock's IBIT ETF led with $2.05 billion in inflows, followed by Fidelity's FBTC ETF, which added $773 million. Bitcoin spot ETFs purchased approximately 34,860 BTC this week, while only 3,150 BTC were mined. Additionally, long-term Bitcoin holders sold 128,000 BTC, with US spot ETFs absorbing 90% of the selling pressure. This surge in investment comes as Bitcoin's price hit a new high of $99,800 and achieved its highest weekly close ever, with total assets of Bitcoin ETFs surpassing $100 billion. China-based ETFs faced record outflows of $2 billion during the same period, highlighting a divergence in investor sentiment. Total digital asset investment products saw a record $3.13 billion in weekly inflows, pushing year-to-date totals to $37 billion.