Bitcoin ETFs Soar with $3 Billion Inflows Amid Cryptocurrency Bull Run
Bitcoin exchange-traded funds (ETFs) have extended their winning streak, attracting nearly $3 billion in inflows since September 17. According to Farside Investors data, investors bought over $2.8 billion worth of shares in these funds during this period.
On Monday alone, a staggering $1 billion was invested in ETF shares, the highest amount since October 6 when the price of Bitcoin hit an all-time high of $126,080. Despite the recent surge in Bitcoin's price, which has risen by nearly 4% over the past seven days, it still stands at around $83,975.
The average cost basis for ETF buyers has surged above $81.72 for the first time since January, indicating that investors are now in profit. This uptick in interest can be attributed to the U.S. Department of the Treasury's announcement in August to double the size of its liquidity-support buyback operations.
As a result, Bitcoin's price rallied, and it continued its run last week despite lawmakers blocking landmark crypto legislation and the Federal Reserve hiking interest rates. CryptoQuant has even suggested that Bitcoin is now in a bull run, with the asset crossing above its 365-day moving average.