US Bitcoin ETFs Draw Record Inflows as Macro Conditions Improve
US Bitcoin exchange-traded funds (ETFs) saw a significant influx of $730.9 million on Thursday, their largest one-day haul since January 14th. The surge was driven by expectations for an improving macroeconomic backdrop, as highlighted by Federal Reserve Governor Christopher Waller's comments that interest rates may remain unchanged if inflation continues to cool.
The news sparked a rally in crypto-linked stocks, with Strategy jumping 17.6% to $144.82 and Coinbase advancing 10.14% to $192.70. Circle also gained 16.46% to close Thursday at $103.23. Bitcoin itself moved back above $81,000 late Thursday night, before trading around $80,950 as of this writing.
BlackRock's IBIT captured roughly $454 million of the ETF inflows, with six other funds also recording positive flows. The influx added to a recovery that began in mid-August after the US Treasury Department announced an expansion of its buyback program.