Bitcoin ETFs Swell by $1.92 Billion as Cryptocurrency Surges

Spot Bitcoin exchange-traded funds (ETFs) saw their strongest weekly inflow in 10 months last week as Bitcoin surged. The 13 US-listed funds drew in a net $1.92 billion, according to Bloomberg data. This influx of cash came after Bitcoin gained about 23% in value over the past week, its largest increase since 2019.

The jump in ETF inflows suggests broader investor demand for Bitcoin. Gracie Lin, CEO of crypto exchange OKX SG, noted that 'we saw net inflows on every trading day last week, which suggests renewed investor interest in Bitcoin.'

BlackRock's iShares Bitcoin Trust accounted for $1.3 billion of last week's inflows. However, it remains to be seen whether this rally will translate into sustained demand and a new bull market.