Bitcoin ETFs Flooded with $1B in New Investment as Bull Market Returns
Bitcoin investors are buying up nearly $1 billion in Bitcoin ETFs, signaling a return to the bull market. The latest investment wave is the largest single-day influx into U.S. bitcoin exchange-traded funds since October 6, when the price of Bitcoin hit an all-time high of $126,080.
The price surge comes as Wall Street firms can now easily buy shares in funds managed by major players like BlackRock, Fidelity, and Morgan Stanley, which were approved by the SEC in 2024. The influx has resulted in a significant move upwards for Bitcoin's price, with it recently standing at $86,552 after scraping $87,330 on Monday.
According to Bloomberg ETF analyst James Seyffart, the average ETF buyer is now in profit as the estimated ETF cost basis surged above $81.72 for the first time since January.