Bullish: Bitcoin spot ETFs see highest inflows since June

The cryptocurrency market is back in full swing, which is evident in Bitcoin Spot ETFs. These ETF funds saw the strongest daily inflows since June on Oct. 14, 2024.

With Bitcoin's price breaking the 65K mark, a whopping $555 million flowed into the 12 Wall Street Bitcoin Spot ETFs yesterday. Such a high inflow was last recorded on June 4, 2024, when it was $886 million.

BlackRock, the world's largest asset manager, attracted about $80 million for its IBIT ETF and dominated trading volume with a total of $1.6 billion. Bitwise, however, bought the most, totaling $100 million.

In total, asset managers currently hold $61 billion in Bitcoin, representing about 5 percent of the current circulating Bitcoin stock.

Although the ETF market is growing, it remains only a small fraction of total Bitcoin trading volume. According to Checkonchain lies daily trading volume of the Bitcoin Futures market at around $53 billion, the Spot market at $4.5 billion and the ETF market at around $2 billion (as of Oct. 11, 2024). Trading in Bitcoin Spot ETFs thus represents about 3 percent of the total Bitcoin market volume.