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Reading: BlackRock’s iShares Bitcoin Trust Leads Record-Breaking Inflows of $499M in U.S. Spot Bitcoin ETFs
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Deythere > News > News > BlackRock’s iShares Bitcoin Trust Leads Record-Breaking Inflows of $499M in U.S. Spot Bitcoin ETFs
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BlackRock’s iShares Bitcoin Trust Leads Record-Breaking Inflows of $499M in U.S. Spot Bitcoin ETFs

record inflows into U.S. spot Bitcoin ETFs highlighting BlackRocks iShares Bitcoin Trust. The image should include Bitcoin sy
Ezeudo Nwosu
Last updated: September 29, 2024 10:25 am
By
Ezeudo Nwosu
Published September 29, 2024
3 Min Read
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This week marked the highest inflows into U.S. spot Bitcoin ETFs since mid-July, with totals exceeding $1.1 billion. September 27 was the standout day, with inflows reaching an impressive $494.4 million, signaling strong investor interest in Bitcoin ETFs.

Contents
Record Inflows for Bitcoin ETFsImpact of the Federal Reserve’s Rate CutsBroader Market Trends and Their EffectsEthereum ETFs Also on the Rise

Record Inflows for Bitcoin ETFs

U.S. spot Bitcoin ETFs experienced unprecedented inflows this week, totaling over $1.1 billion. Leading the charge was BlackRock’s iShares Bitcoin Trust, followed by ARK 21Shares Bitcoin ETF and Fidelity® Wise Origin® Bitcoin Fund, with inflows of $499 million, $289.5 million, and $206.1 million, respectively. September 27 was a particularly successful day, recording $494.4 million, the best daily performance since June.

Impact of the Federal Reserve’s Rate Cuts

This significant surge in Bitcoin ETF inflows came after the Federal Reserve’s interest rate cuts on September 18, which triggered market movements. Following the rate cuts, Bitcoin’s price rose 13.8%, reaching $65,800, according to CoinGecko data. The bullish trend brought Bitcoin within just 10.8% of its all-time high of $73,738, recorded on March 14.

the record breaking inflows into U.S. spot Bitcoin ETFs led by BlackRocks iShares Bitcoin Trust. The image should feature

Broader Market Trends and Their Effects

In addition to the top performers, other Bitcoin products, including those from Invesco & Galaxy, Franklin Templeton, Valkyrie, and VanEck, also saw positive inflows ranging from $5.7 million to $33.3 million. Interestingly, WisdomTree’s Bitcoin Fund did not record any inflows during this period. Since their inception, total inflows into these ETFs have now reached an astounding $18.8 billion.

Ethereum ETFs Also on the Rise

This trend is not limited to Bitcoin. U.S. spot Ethereum (ETH) ETFs also saw a strong week, with inflows totaling $85 million, the highest since early August. Despite notable outflows from Grayscale Ethereum Trust, these Ethereum products have accumulated over $1.1 billion in inflows since their launch.

The developments this week highlight the continued investor interest in crypto ETFs, supported by broader economic moves like the Federal Reserve’s rate cuts. As we approach the final quarter of the year—a historically strong period for Bitcoin—market sentiment remains optimistic. Investors are advised to keep an eye on market changes and regulatory updates that could further influence the valuations of cryptocurrencies.

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ByEzeudo Nwosu
Ezeudo Nwosu is a blockchain and cryptocurrency professional with over 8 years of experience in the industry. With a background in software engineering, Ezeudo has been at the forefront of developing innovative blockchain solutions that address key challenges in various sectors. His work includes leading blockchain integration projects and advising on the creation of decentralized applications (dApps). Ezeudo is recognized for his deep technical knowledge and his ability to translate complex blockchain concepts into practical applications. At DT NEWS, he offers expert insights into the latest developments in blockchain technology and cryptocurrencies, helping readers stay informed about the future of digital finance.
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