Spot Bitcoin ETFs Attract $479M Inflows as BTC Crosses $71K

Since the beginning of the month, US Spot Bitcoin exchange-traded funds (ETFs) have continued to attract institutional inflows. According to data from SoSoValue, the investment vehicles recorded a combined net inflow of $479 million on Monday, 28, 2024.

Impressively, the funds recorded only one day of negative flows since October 11. The latest inflow marks the highest for spot Bitcoin ETFs in two weeks and extends their positive flow streak to 11 trading days. Last week alone, the products attracted a $1 billion inflow.

BlackRock Leads With $315M Net Inflows 

BlackRock’s iShares Bitcoin Trust (IBIT), the largest ETF by net assets, led the pack with a single-day net inflow of $315 million. This takes the fund’s historical net inflow to a staggering $24.30 billion. Following BlackRock is ARK 21Shares Bitcoin ETF (ARKB) with $59.78 million, Fidelity Wise Origin Bitcoin Fund (FBTC) with $44 million, Bitwise Bitcoin ETF (BITB) with $38.67 million, and Grayscale Bitcoin Mini Trust (GBTC) with $21.59 million.

The remaining ETFs, including Grayscale’s Bitcoin Trust (GBTC), VanEck Bitcoin Trust (HODL), Valkyrie Bitcoin Fund (BRRR), Galaxy Bitcoin ETF (BTCO), Hashdex Bitcoin ETF (DEFI), WisdomTree Bitcoin Fund (BTCW), and Franklin Bitcoin ETF (EZBC), had no inflows or outflows for the day. No fund witnessed a negative flow for the day.

The total daily trading volume of the 12 spot Bitcoin ETFs hit $3 billion on Monday, with their cumulative net inflow reaching $22.41 billion. The SoSoValue data shows the fund now holds $68.47 billion in net assets, representing nearly 5% of Bitcoin’s market cap.

Bitcoin Hits Five-month High Above $71K

Thanks to consistent inflows into spot Bitcoin ETFs, the price of BTC hit a five-month high above $71,000 earlier Tuesday. The surge in the original cryptocurrency rubbed off on other popular cryptocurrencies, with Ether (ETH) and Solana (SOL) rising above 5% each.

At the time of filing this report, BTC traded at $71,192, representing a 4% increase over the past 24 hours and a 6% increase over the past week.