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Bitcoin ETFs See Record $1.1 Billion Inflows as Price Rises 10%

Sep 29, 2024, 12:16 PM

Bitcoin ETFs have seen significant inflows in recent weeks, with U.S. ETFs purchasing a total of 17,800 Bitcoin in September and accumulating 17,009 BTC this week alone. The inflows have driven Bitcoin's price up by 10%, and the cumulative Bitcoin ETF inflow has reached a new all-time high of $18.8 billion. BlackRock's Bitcoin ETF, IBIT, has attracted $17.7 billion since its launch in January 2024. Meanwhile, Ethereum ETFs have also seen notable activity, with a recent inflow of $58.7 million. The iShares Ethereum ETF has surpassed $1 billion in assets, placing it in the top 20% of all ETFs. MicroStrategy's stock is up 119% year-to-date, outperforming IBIT's 35% rise. Market analysts predict a bullish Q4 for Bitcoin, with some speculating that Bitcoin could reach $70,000 in the next two weeks and potentially hit a new all-time high of $73,000 by late October. This optimism is fueled by increased stablecoin liquidity and strong ETF performance. Notably, Bitcoin ETFs bought more than 7 times the newly mined BTC supply this week, and the total weekly inflows into Bitcoin ETFs reached $1.1 billion, while Ethereum ETFs saw $86 million in inflows.