Bitcoin hits 2-month high above $67,000 after ‘monster’ inflows into spot bitcoin ETFs
Oct. 15, 2024 12:03 PM ET
By: Carla Mozee, SA News Editor
 Olemedia/E+ via Getty Images
Bitcoin ( BTC-USD) on Tuesday surpassed $67,000 for the first time in more than two months, building on its move above $65,000 a day earlier, buoyed by big inflows into spot bitcoin exchange-trade funds.
Bitcoin ( BTC-USD) hit an intraday high of $67,938.85, the strongest price since July 28 when it traded above $67,800. The price then pulled back in Tuesday trade, down 0.3% at $65,643. Bitcoin ( BTC-USD) is up ~49% this year.
In an eye-catching move, $559.9M flowed into 11 spot bitcoin ETFs on Monday, the largest amount since early June, according to data from London-based Farside Investors. BlackRock's iShares Bitcoin Trust ETF (NASDAQ: IBIT), the largest bitcoin fund, drew in $79.5M of that total.
“Monster day for spot btc ETFs,” with +$550M of inflows, said Nate Geraci, president of The ETF Store, in a post on X (formerly Twitter) late Tuesday, adding that the market is approaching $20B in net inflows in 10 months.
“It’s advisors & institutional investors continuing to slowly adopt,” Geraci said.
Standard Chartered in a note pointing to Polymarket data said that digital assets were starting to move higher on the prospect that former President Donald Trump, who has embraced crypto projects, will win the White House in November. Standard Chartered is also seeing “topside BTC calls at the 80K level (for 27 Dec expiry)”.
Further illustrating crypto’s growing reach, Vice President Kamala Harris, as part of outreach to Black men in her White House run, on Monday proposed policy supporting a regulatory framework for cryptocurrency and other digital assets. Her outreach paper said more than 20% of Black Americans own or have owned cryptocurrency assets.
BlackRock CEO Larry Fink, in addressing a question on its Q3 earnings calls last week, said he was “not sure either president -- or other candidate would make a difference,” for the digital asset landscape.
“I do believe the utilization of assets are going to become more and more of a reality worldwide,” Fink said. “Conversations we're having with institutions worldwide, conversations about how should they think about digital assets, what type of asset allocation there should be, I mean, we believe bitcoin is an asset class in itself,” he said, according to a transcript.
Here are some other bitcoin-backed ETFs: ( ARKB), ( GBTC), ( BRRR), ( BTCO), ( HODL), ( BTCW), ( FBTC), ( BITB), and ( EZBC). |
