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Bitcoin Nears $70,000 Amid $2.13B ETF Inflows; BlackRock’s Fund Fastest-Growing ETF

Oct 21, 2024, 09:03 AM

Bitcoin surged towards the $70,000 mark on Monday, reaching highs of $69,500, fueled by significant institutional inflows into Bitcoin exchange-traded funds (ETFs) and bullish market sentiment. Last week, Bitcoin ETFs saw net inflows of $2.13 billion, with spot ETFs purchasing 38,500 BTC, nearly three months' worth of supply. BlackRock's Bitcoin ETF became the third largest ETF in year-to-date flows, making it the fastest-growing ETF in history. Open interest in Bitcoin futures on the CME hit a record $12.26 billion, and overall open interest reached $40.5 billion, indicating heightened institutional participation. Options interest across exchanges also reached an all-time high of $40 billion. Bitcoin's weekly close was among the highest ever recorded, signaling strong momentum as ETFs near holdings of 1 million BTC. Analysts at Bernstein noted that Bitcoin ETF inflows, rising crypto equity markets, and retail trading sentiment, which is up 160% year-over-year, are 'screaming risk-on' as the cryptocurrency approaches its all-time high. European investors have poured a record $105 billion into US Bitcoin ETFs this year.