Bitcoin ETFs Rake In Record $731 Million as Spot Demand Surges
On September 3rd, US spot Bitcoin exchange-traded funds (ETFs) received $731 million in new investments, marking their strongest single day since mid-January. This surge of inflows comes after a period of outflows that had plagued the products earlier in the week.
The dozen ETFs tracked by market data providers recorded net inflows of $730.9 million, with BlackRock's iShares Bitcoin Trust (IBIT) dominating the session and pulling in $453.96 million, or roughly 62% of the total. This fund now holds a cumulative $63.94 billion in net inflows, making it the largest product in the category.
The recent rebound is attributed to spot demand, with Bitcoin trading as high as $82,100 to $82,300 during its latest advance before easing back toward the $80,000 level. The cryptocurrency has moved between roughly $76,200 and $82,100 in September, with 24-hour trading volume reaching $43 billion at the peak of the move.