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Bitcoin ETFs See $2.13B Inflows; BlackRock's ETF Now Third-Largest YTD as Bitcoin Nears $70K

Oct 21, 2024, 12:59 AM

U.S. Bitcoin ETFs experienced significant inflows this week, totaling $2.13 billion, the highest since March and the third-largest in history. BlackRock's Bitcoin ETF, IBIT, was the strongest buyer, accumulating 17,170 BTC (approximately $1.141 billion), while Fidelity's FBTC secured 5,000 BTC (around $319 million). Overall, Bitcoin ETFs purchased over 38,500 BTC this week, bringing their cumulative holdings to nearly 1 million Bitcoin and representing approximately 5% of Bitcoin's total market capitalization. The ETFs have amassed over $20 billion in cumulative flows since their launch in January. The influx has propelled Bitcoin's price toward $70,000, nearing its all-time high. Open interest in Bitcoin derivatives reached a record $40.5 billion, reflecting increased leverage in the market. The strong ETF inflows, combined with bullish market sentiment, suggest a risk-on environment for cryptocurrencies.