SINGAPORE: Spot bitcoin exchange-traded funds (ETFs) had their strongest weekly inflow in 10 months last week as the original cryptocurrency surged.
The 13 US-listed funds drew in a net US$1.92bil, the most since early October last year, according to data compiled by Bloomberg.
The inflow came as bitcoin gained about 23% last week, its biggest weekly increase in more than three years. It was trading around US$77,000 at noon yesterday in Singapore.
Bitcoin’s spectacular rally was initially propelled by US plans to increase buybacks of long-dated bonds to lower yields, and accentuated by a short squeeze as traders were forced to close bearish bets.
The jump in ETF inflows indicates broader investor demand for the token.
“We saw net inflows on every trading day last week, which suggests renewed investor interest in bitcoin,” said Gracie Lin, chief executive officer of crypto exchange OKX SG.
“The question now is whether that momentum will hold.” — Bloomberg