Bitcoin ETFs Rake in $1.7B as Price Surge Brings Investors Back In
Bitcoin's price surge has sparked a massive influx of investment into Bitcoin Exchange-Traded Funds (ETFs), with over $1.7 billion in net inflows recorded across two trading sessions.
The surge, which began on Monday and continued into Tuesday, saw investors pour in $999 million and $714.7 million respectively, bringing the total net assets of Bitcoin ETFs to around $111 billion - a 56% increase from their June low but still below their January peak.
The recovery is attributed to Bitcoin's movement above the estimated average cost basis of ETF holders, which stood at $81,722 per coin. This milestone marked the first time since January that the average holder was back above water, according to Bloomberg Intelligence ETF analyst James Seyffart.
Among individual products, BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund saw the strongest demand, attracting $350 million and $257 million in inflows respectively. Morgan Stanley's MSBT also contributed $99 million to the total, while several other funds posted smaller gains.