Bitcoin Peaks and ETF Inflows

Bitcoin, the largest cryptocurrency by market capitalization, briefly hit highs of $69,000 before retreating.

In Friday's trading session, Bitcoin reached a high of $69,000, marking its highest level since July 29, when it last traded at $70,000. At the time of writing, BTC was up 0.17% in the last 24 hours at $68,277 and up 9% weekly.

Growing Investor Interest in Bitcoin ETFs

Bitcoin's continuing price resurgence may have spurred global investors to seek exposure to exchange-traded products (ETPs) related to the leading cryptocurrency, evidenced by a significant increase in inflows.

Specifically, U.S.-listed spot ETFs have reported strong interest, pulling in $2 billion in investor funds over the past week, according to Arkham Intelligence.

On October 18, the U.S. Securities and Exchange Commission (SEC) approved applications from the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE) to list options for much-anticipated spot Bitcoin ETFs.

$2 Billion Added to Bitcoin ETFs

In a tweet, Arkham Intelligence noted that Bitcoin exchange-traded funds (ETFs) purchased over $2 billion worth of Bitcoin in the past week. This marked the largest ETF inflow week since March, indicating revived interest and confidence in Bitcoin among institutional investors. Bitcoin ETFs were initially approved in the United States in January.

The top contributors to this substantial inflow included BlackRock (NYSE:BLK), Fidelity, ARK Invest, and Bitwise.

• BlackRock led the charge, adding a remarkable $1.14 billion to its Bitcoin holdings.
• Fidelity increased its holdings by $319 million;
• ARK Invest added $306 million while
• Bitwise increased its portfolio by $150 million.

Bitcoin reached an all-time high of $73,797 in March after weeks of a price surge driven by optimism surrounding Bitcoin ETFs. However, the price then fell by more than 30% by early August before initiating the current bull market run.

This article was originally published on U.Today