Bitcoin ETFs Surge as Price Breaks Out of Slump
Investors have turned bullish on Bitcoin spot exchange-traded funds (ETFs) after a $4.6 billion rebound in August, according to Bloomberg data.
The funds have taken in about $320 million on a net basis this year, with the majority of inflows coming since August 19 when the US Treasury announced it would increase buybacks of long-dated bonds.
Bitcoin's price has surged by around 35% to above $86,000, breaking out of its slump below $80,000 that lasted from February.
As a result, the total market value of digital assets has climbed back to $3 trillion for the first time since January, according to CoinGecko data.
Industry experts are cautiously optimistic about the rally's sustainability, with Paul Howard, senior director at Wincent, stating that the move 'increasingly looks sustainable' and bringing the widely discussed $100,000 year-end Bitcoin target into range.