Bitcoin ETFs Surge with $241 Million in Weekly Inflows

Investors poured over $241 million into U.S. bitcoin exchange-traded funds (ETFs) last week, marking the third straight week of inflows. This trend has helped sustain bitcoin’s upward momentum at the start of so-called “Uptober,” a month historically known for strong returns in the cryptocurrency market.

Data from Farside Investors revealed that the funds saw daily inflows, except on Wednesday when nearly $149 million was withdrawn. Bitcoin’s price has risen close to 7% over the past 30 days, reaching approximately $85,605 recently.

BlackRock’s iShares Bitcoin Trust led the investments, attracting over $450 million in fresh capital. Fidelity and Morgan Stanley also saw significant trading activity and inflows. Bitcoin’s price often benefits from ETF investments, as these funds provide easy access to the asset through brokerage accounts.

The cryptocurrency began rallying in August after the U.S. Treasury Department announced plans to double its government debt repurchases. Bitcoin experienced its best run in three years during that month. Additionally, the so-called debasement trade, where investors hedge against currency devaluation, has further supported its price, especially as the dollar slid in value in August.