Spot Bitcoin ETFs recorded 5-month high inflows of $870m

US-based spot Bitcoin exchange-traded funds have been running wild for the past three weeks, serving as a major catalyst for the market-wide bullish momentum.

According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs in the US recorded net inflows of $870.1 million on October 29; this was the level last seen on June 4. BlackRock’s IBIT fund led the way with total net income of $642.9 million in inflows. Inflow reached $24.94 billion.

A quick look at the ETF’s performance yesterday:

Fidelity’s FBTC: $133.9 million inflow. Bitwise’s BITB: $52.5 million entry. Grayscale’s mini BTC fund: $29.2 million inflow. VanEck’s HODL: $16.5 million entry. Ark 21Shares’ ARKB: $12.4 million entry. Despite large inflows, Grayscale’s GBTC fund still witnessed an outflow of $17.3 million. Their total net outflow has exceeded $20 billion so far. BTCO, EZBC, BRRR and BTCW remained neutral with no flows.

Spot Ethereum (ETH) ETFs in the US saw net inflows of $7.6 million, according to data from Farside Investors. BlackRock’s ETHA recorded an inflow of $13.6 million, while Grayscale’s ETHE recorded an outflow of $6 million.

The remaining seven ETH-related investment products did not see any flows.

Bitcoin price is up 2.2% in the last 24 hours thanks to impressive inflows into US-based spot ETFs. BTC is trading at $72,400 at the time of writing.

Bitcoin briefly broke the $73,500 barrier on October 29 and approached its all-time high of $73,750 on March 14.

BTC price | Source: crypto.news

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

According to data from CoinGecko, the capitalization of the global crypto market increased by 0.2% in the last 24 hours and currently stands at $2.546 trillion. Total daily transaction volume increased by 70% to $137 billion.

Increasing trading volume may indicate increased interest from cryptocurrency investors and traders.

However, it is also worth noting that the market is showing signs of overheating due to steady upward momentum without any significant catalyst other than ETF inflows.