The U.S.-based spot Bitcoin exchange-traded funds have been running wild over the past three weeks, acting as a major catalyst for the market-wide bullish momentum.

According to data provided by Farside Investors, spot Bitcoin ETFs in the U.S. recorded $870.1 million in net inflows on Oct. 29—a level last seen on June 4. BlackRock’s IBIT fund led with $642.9 million in inflows, with its total net inflows reaching $24.94 billion.

Here’s a quick review of the ETF performance yesterday: 

• Fidelity’s FBTC: $133.9 million in inflows.
• Bitwise’s BITB: $52.5 million in inflows.
• Grayscale’s mini BTC fund: $29.2 million in inflows.
• VanEck’s HODL: $16.5 million in inflows.
• Ark 21Shares’ ARKB: $12.4 million in inflows.
• Despite the massive inflows, Grayscale’s GBTC fund still witnessed an outflow of $17.3 million. Its total net outflows surpassed the $20 billion mark so far.
• BTCO, EZBC, BRRR and BTCW remained neutral with no flows.

Spot Ethereum ETFs in the U.S. saw a net inflow of $7.6 million, according to data from Farside Investors. BlackRock’s ETHA registered an inflow of $13.6 million while Grayscale’s ETHE recorded an outflow of $6 million.

The remaining seven ETH-related investment products saw no flows.

Another bullish wave

The Bitcoin price gained 2.2% in the past 24 hours thanks to the impressive inflows into the U.S.-based spot ETFs. BTC is trading at $72,400 at the time of writing.

Bitcoin briefly surpassed the $73,500 mark on Oct. 29, getting close to its all-time high of $73,750 on March 14.

Ethereum also gained 1.3% over the past day and is trading at $2,640 at the time of writing. 

According to data from CoinGecko, the global crypto market capitalization increased by 0.2% in the past 24 hours and is currently sitting at $2.546 trillion. The total daily trading volume surged 70%, reaching $137 billion.

The rising trading volume could indicate the rising interest of cryptocurrency investors and traders. 

However, it should be noted that the market is showing signs of overheating due to the consistent upward momentum without a major catalyst except for the ETF inflows.
 

Source : crypto.news - Oct 30, 2024