Bullish! Spot Bitcoin ETFs Record Over $494M Inflow, Highest Since June

On September 27, the United States spot Bitcoin exchange-traded fund (ETF) saw its highest inflow since early June. The fund welcomed $494.4 million, a record that came the same day BTC unlocked a local high of $66,300.

Ark Invest’s ARKB Leads

According to public data from SoSoValue, Ark Invest’s ARKB led the inflow record with $203.1 million. A day earlier, the asset manager saw $113.8 million invested in its Bitcoin-focused ETF, the highest that day.

While Ark Invest led the inflow record for two consecutive days, it has a record of selling its ARKB stash. Last week, the firm offloaded 44,609 shares of its ARKB financial product, worth approximately $2.8 million. The company sold $14.7 million worth of ARKB shares between July and August.

Ark Invest’s founder, Cathie Wood, earlier clarified that the periodic sale of shares and other financial instruments is part of the company’s asset management policy and not a dumping scheme, as various observers presumed. This policy requires that no individual asset account for more than 10% of the firm’s portfolio. The firm’s founder added that the excess funds are often channeled to other financial products.

Highest in Two Months

Other ETF funds that saw inflows were Fidelity’s FBTC and BlackRock’s IBIT, worth $123.6 million and $110.8 million, respectively.

Other gainers included Bitwise’s BITB ($12.9 million), Invesco’s BTCO ($3.3 million), Valkyrie’s BRRR ($3.3 million), VanEck’s HODL ($11.2 million), and Grayscale’s GBTC ($26.2 million). On the other hand, Franklin Templeton’s EZBC and WisdomTree’s BTCW saw no flow for the day.

The total inflow record sat at $494.4 million. This is the highest the fund has seen since June 4, when it saw an inflow of $886.75 million.

Although no singular factor can be pinpointed as the driving force behind the sudden surge, BTC’s price increase likely fueled the growth. The leading cryptocurrency soared from $64,900 to over $66,300, representing a mild 2.16% surge. After maintaining the bullish trend over the weekend, BTC saw a market correction to a current trading price of $63,600.