Bitcoin Booms as Investors Pour into ETFs

Bitcoin's price is soaring, reaching about $68, 000, up by 9. 5% over the past week and 2. 8% in a single day. This surge is fueled by investors flocking to U. S. spot bitcoin ETFs, which saw a massive inflow of over half a billion dollars in one day. According to Farside, this is the largest daily inflow since June. Fidelity's Wise Bitcoin Origin Fund led the way with $239. 3 million, while other funds like Bitwise Bitcoin ETF, BlackRock's iShares Bitcoin Trust, Ark 21Shares Bitcoin ETF, and even Grayscale Bitcoin Trust, which had seen outflows before, all experienced significant inflows. This increase in bitcoin ETFs is being compared to the dynamics seen in gold-based products. Bloomberg's Eric Balchunas notes that since the launch of bitcoin ETFs, bitcoin has hit record highs five times, while gold has done so 30 times. However, gold has only seen $1. 4 billion in net flows compared to $19 billion for bitcoin ETFs. This suggests a growing acceptance of bitcoin as a mainstream investment. Other major cryptocurrencies are also benefiting from this momentum. Ether, for instance, is trading at $2, 600, up by over 8% in the past week. Similarly, Solana, Dogecoin, and Cardano have seen increases of 10%, 15%, and 5% respectively over the week.