Bitcoin ETF Inflows Surge to 10-Month High Amid 23% Weekly Rally

Bitcoin's rally has seen investors flocking back into US-listed spot exchange-traded funds (ETFs). The funds have drawn in a net inflow of US$1.92 billion, their largest weekly intake in 10 months.

The surge comes as bitcoin gained about 23% last week, its biggest weekly increase since May 2020. It was trading at around US$76,900 on Monday morning in London.

BlackRock's iShares Bitcoin Trust accounted for a significant portion of the inflows, with US$1.3 billion flowing into the fund. This is despite some concerns about whether the momentum will hold after such a strong move.

'We saw net inflows on every trading day last week, which suggests renewed investor interest in bitcoin,' said Gracie Lin, CEO of crypto exchange OKX SG. 'The question now is whether that momentum will hold.'

Some market analysts have warned that the market may be 'stretched' after such a rapid move. However, demand remains strong, with some expecting consolidation or retracement before any further gains.