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Bitcoin ETFs See Two-Day Inflow Bonanza of Almost $1 Billion as Cryptocurrency's Price Jumps

Patricia Arquette
Release: 2024-10-17 03:18:10
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The investor pile-in, led by those buying BlackRock's IBIT and Fidelity's FBTC exchange-traded funds, was impressive relative to others.

Bitcoin ETFs See Two-Day Inflow Bonanza of Almost  src=

Bitcoin exchange-traded funds (ETFs) saw a two-day record inflow of nearly $1 billion as the cryptocurrency’s price surged to nearly $70,000.

The investor pile-in, led by those snapping up BlackRock’s IBIT and Fidelity’s FBTC ETFs, was particularly impressive compared to others, ETF guru Nate Geraci told X.

“For context, only eight out of 560 ETFs launched in 2024 have taken in more than $1 billion for the year,” he said.

The moves come as Bitcoin’s price hovered around $68,257 on Wednesday amid upbeat investor sentiment.

The coin has rallied about 52% this year.

It wasn't just ETFs tracking Bitcoin that soared.

Funds following the US benchmark S&P 500 led a whopping $772 billion in inflows this year — about 85% of the way toward breaking the annual record — with a few months to go yet in 2024.

Bloomberg Intelligence analyst Eric Balchunas, citing Bloomberg data, called the influx "flowmageddon."

Looking ahead, Bitcoin’s price is set to climb even higher amid rising tensions in the Middle East and as the Federal Reserve cuts borrowing costs, according to BitMEX founder Arthur Hayes.

“Bitcoin and crypto will rise as energy prices spike higher” due to the unrest, Hayes wrote in a blog post this week.

In turn, “the hundreds of billions or trillions of newly printed dollars will re-energise the Bitcoin bull market.”

However, Hayes warned: “Just because Bitcoin will rise over time doesn’t mean there won’t be intense price volatility, nor does it mean every shitcoin will share in the glory.”

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