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Wall Street Bets Big — $3.6B Pours Into Bitcoin, Ethereum ETFs Weekly
The demand for cryptocurrency has shown no signs of slowing down, as the past week has seen an unprecedented influx of investment into Bitcoin and Ethereum ETFs (Exchange-Traded Funds). A staggering $3.6 billion poured into these financial vehicles, signaling a significant shift in investor sentiment.
Bitcoin ETFs have taken center stage, with investors pouring over $2.7 billion into these funds throughout the week. The impressive inflows led to a surge of over $10,000 for Bitcoin’s price, pushing it to an all-time high of nearly $119,000 on Friday. It is worth noting that this marks only one negative day since June 9 when the funds experienced red numbers.
The Ethereum ETFs also saw significant growth, with investors injecting over $908 million into these funds during the same period. This substantial interest led to a notable increase in ETH’s price, rising from $2,500 on Wednesday to a multi-month high of over $3,040 on Friday. Although it has retracted slightly since then, the cryptocurrency is still up by more than 17% on a weekly basis.
It is clear that institutional investors are taking a renewed interest in the crypto market. The fact that these funds have only experienced one negative day in nearly four months highlights the growing confidence in the space.
The numbers provided by FarSide illustrate this trend, with an astonishing $1.175 billion flowing into Bitcoin ETFs on Thursday alone. This was accompanied by substantial inflows of $324.3 million and $268.7 million for Fidelity’s FBTC and Ark Invest’s ARKB respectively.
On a similar note, it is worth noting that the most recent price action has seen investors flocking to these funds in a bid to participate in the growing trend.
Source: cryptopotato.com
