BTC ETFs See Record $1 Billion Influx as Bull Market Returns
The resurgence of Bitcoin's bull market is in full swing as investors poured nearly $1 billion into BTC ETFs on Monday.
This influx of cash marks the largest daily intake since October 6, when U.S. bitcoin exchange-traded funds received over $1.2 billion and the price of Bitcoin hit a new all-time high of $126,080.
The surge in investment has pushed the price of Bitcoin above its 365-day moving average, signaling an end to the bear market.
According to Farside Investors data, BlackRock's iShares Bitcoin trust received the most investment, with a staggering $381.4 million influx. The ARK 21Shares Bitcoin ETF and Fidelity's Wise Origin Bitcoin Fund also saw significant investments, with $289.1 million and $238.8 million respectively.
Bloomberg ETF analyst James Seyffart noted that the average ETF buyer is now in profit after the estimated ETF cost basis surged above $81,700 for the first time since January.