Record inflows into Bitcoin ETFs amid BTC price surge
On Wednesday, October 12, almost all Bitcoin ETFs in the US market showed inflows, continuing the overall trend of the last three days. The total volume of new investments over this period reached $1.1 billion.
The leader in terms of inflows was the BlackRock IBIT ETF, which attracted $307 million. Thus, the assets under management of this fund grew to a record $1.5 billion. Other major inflows were recorded in the ProShares Bitcoin Strategy ETF ($97 million) and the Valkyrie Bitcoin Strategy ETF ($23 million).
The surge of interest in Bitcoin ETFs coincided with a short-term rise in the Bitcoin price above $73,000, which is a new high since May 2022. However, the cryptocurrency then pulled back and is trading in the range of $65,000 - $70,000.
This dynamic of inflows into Bitcoin ETFs indicates the persistent interest of institutional investors in cryptocurrency, despite its high volatility. Many analysts believe this is a good sign for the further growth of the BTC rate in the long term.