Key Takeaways
Bitcoin Magazine reports U.S. spot Bitcoin ETFs drew $999 million in a single day as market data signals a return to a bull market.
According to Bitcoin Magazine, U.S. bitcoin exchange-traded funds received $999 million in new investment on Monday, marking the highest single-day influx since October 6. Reporting by Mathew Di Salvo notes that Bitcoin's price recently stood at $86,552 after reaching $87,330 on Monday, pushing the cryptocurrency up by nearly 13% over a seven-day period.
Data from Farside Investors and Bloomberg analyst James Seyffart highlighted that the average ETF buyer returned to profit as the estimated ETF cost basis moved above $81,72. Among individual products, BlackRock’s iShares Bitcoin trust absorbed $381.4 million, the ARK 21Shares Bitcoin ETF brought in $289.1 million, and Fidelity’s Wise Origin Bitcoin Fund took in $238.8 million.
Analysts attributed the renewed interest to a cooling artificial intelligence stock rally and a U.S. Department of the Treasury announcement regarding liquidity-support buyback operations, which weakened the dollar and lowered Treasury yields. Additionally, a CryptoQuant report indicated that bitcoin crossed its 365-day moving average, signaling an end to the bear market.
Source & Fact-Check Note
https://bitcoinmagazine.com/news/bitcoin-etf-investors-buy-nearly-1-billion
