Bitcoin maintains strong position at 67k despite significant ETF investments
Bitcoin’s price has surged above $67,000, accompanied by significant inflows into spot exchange-traded funds (ETFs) and an increase in short liquidations.
As of writing, Bitcoin (BTC) has seen a 2% increase in the past 24 hours and is currently trading around $67,000. Yesterday, on October 15th, the leading cryptocurrency surpassed $67,500 and came close to reaching the $68,000 range, marking its highest point in two months.
The market capitalization of BTC is currently around $1.32 trillion, with a daily trading volume of nearly $50 billion. The rising trading volume indicates growing interest from short-term holders and traders, potentially leading to increased price volatility for Bitcoin.
The overall market surge coincided with three consecutive days of inflows into US-based spot BTC ETFs. These investment products closed last week with $253.6 million in net inflows and started this week with $555.9 million in net inflows.
According to data from Farside Investors, spot BTC ETFs saw $371 million in net inflows on Tuesday, October 15th. BlackRock’s IBIT ETF led the way with an inflow of $288.8 million, followed by Fidelity’s FBTC with $35 million, Ark Invest’s ARKB with $14.7 million, and Grayscale’s mini BTC Trust with $13.4 million in inflows.
Other ETFs such as Grayscale’s GBTC, VanEck’s HODL, WisdomTree’s BTCW, and Bitwise’s BITB also recorded inflows of $8 million, $7.6 million, $2.8 million, and $0.7 million, respectively, according to Farside Investors’ data.
Since their launch in January, spot BTC ETFs have accumulated a total of $19.8 billion in net inflows.
On the other hand, US-based spot Ethereum (ETH) ETFs experienced $12.7 million in net outflows amid mixed demand signals from investors. Grayscale’s ETHE fund saw $15.3 million in outflows, while Fidelity’s FETH recorded $2.6 million in inflows. The remaining ETH investment products remained neutral.
It’s worth noting that both Bitcoin and altcoin prices are currently facing high volatility due to increased liquidations and short-term profit-taking.
