U.Today – the largest cryptocurrency by market capitalization, briefly hit a high of $69,000 before retreating.
During Friday’s session, the largest cryptocurrency hit a high of $69,000, the highest level since July 29, when Bitcoin last traded at $70,000.
At the time of writing, BTC is up 0.17% in the last 24 hours to $68,277, up 9% on the week.
The continued rebound in Bitcoin (BTC) prices may have prompted global investors to seek exposure to exchange-traded products (ETPs) tied to the leading cryptocurrency, as evidenced by a remarkable surge in inflows.
U.S.-listed spot ETFs in particular have seen significant growth, attracting $2 billion in investors in the week just ended, according to Arkham Intelligence.
A significant milestone was that 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 the long-awaited Bitcoin spot exchange-traded funds (ETFs) .
$2 billion added to Bitcoin ETFs
In a tweet, Arkham Intelligence reports that BTC exchange-traded funds (ETFs) purchased over $2 billion worth of Bitcoin in the week just ended.
This is the ETF’s biggest week since March, indicating a revival of interest and confidence in Bitcoin among institutional investors. Bitcoin ETFs were initially approved in the United States in January.
The biggest contributors to this enormous inflow include BlackRock (NYSE:), Fidelity, ARK Invest and Bitwise.
BlackRock led the surge in Bitcoin acquisitions, increasing its holdings by a staggering $1.14 billion. Other major players in the ETF market have also increased their Bitcoin acquisitions: Fidelity added $319 million to its holdings; ARK Invest added $306 million, while Bitwise increased its Bitcoin portfolio by $150 million.
Bitcoin hit an all-time high of $73,797 in March after rising for weeks amid optimism about demand for Bitcoin ETFs. The price then dropped more than 30% in early August before the current bull market began.
