Global Bitcoin ETPs Record Highest Seven-Day Inflows Since July

The ongoing revival in Bitcoin (BTC) price is encouraging investors worldwide to invest in exchange-traded products (ETPs) linked to the leading cryptocurrency.

According to Bold.report, global ETPs recorded cumulative inflows of 25,675 BTC ($1.74 billion) over seven days, the highest seven-day inflow seen since July.

Bitcoin ETPs currently hold 1.1 million BTC, which is the same amount found in Satoshi’s wallet. ETPs identify funds such as exchange-traded funds (ETFs) and exchange-traded notes (ETNs) under a common umbrella.

Bitcoin is up 15 percent since the October 10 low, according to CoinDesk data, and is just 8 percent away from its all-time high set in March. The rally is being led by several factors, including expectations of a Fed rate cut and the increasing likelihood that crypto-supporter Donald Trump will win the US Presidential election on November 5.

U.S.-listed spot ETFs have also seen a strong rise, attracting nearly $1.9 billion of investor money since Oct. 14, according to data platform Farside Investors.

Spot ETFs have recorded net inflows of over $20 billion since inception, according to Bloomberg ETF Analyst Eric Balchunas. It took about five years for gold ETFs to reach these figures.

US-listed spot ether (ETH) ETFs recorded an inflow of $48.4 million on October 17, the highest inflow since September 27.

The inflows generated huge profits for issuers, with BlackRock’s ETHA earning $23.6 million, bringing its lifetime earnings to $1.3 billion. Fidelity FETH approached $500 million in net inflows with an inflow of $31.1 million.