Bitcoin ETFs Extend Winning Streak With Nearly $3B in Inflows

According to Bitcoin Magazine reporting by Mathew Di Salvo, bitcoin exchange-traded funds managed by companies like BlackRock, Fidelity, and Morgan Stanley extended a winning streak with over $2.8 billion in new investments since September 17 over six consecutive days. Data from Farside Investors showed that investors purchased nearly $1 billion in shares on Monday alone. Bloomberg ETF analyst James Seyffart noted that the average ETF buyer returned to profit as the estimated ETF cost basis moved above $81,722.

Bitcoin's price stood near $83,975 on Friday after reaching as high as $87,330 on Monday, marking a nearly 4% surge over seven days. The cryptocurrency previously reached an all-time high of $126,080 on October 6 of last year. Renewed investor interest followed a U.S. Department of the Treasury announcement in August regarding liquidity-support buyback operations, which weakened the dollar and pushed down 30-year Treasury yields, although yields have since surged again. Bitcoin continued its recent run despite lawmakers blocking the Clarity Act and the Federal Reserve hiking interest rates. CryptoQuant reported that the asset crossed above its 365-day moving average, indicating the end of a bear market.