Bitcoin is on an upward trajectory. Its price is hovering around $68,000, reflecting a 9.5% increase over the past week and a 2.8% rise in just one day. The surge in the leading cryptocurrency is being driven by a wave of investor interest in U.S. spot bitcoin ETFs, which saw over half a billion dollars in inflows in a single day.
According to bitcoin ETF tracker Farside, the 11 spot bitcoin ETFs recorded aggregate net inflows of $555.9 million on Oct. 14, marking their largest daily inflow since June.
Fidelity’s Wise Bitcoin Origin Fund (FBTC) led the inflows with $239.3 million — its highest since June. The Bitwise Bitcoin ETF (BITB) followed with just over $100 million, while BlackRock’s (BLK) iShares Bitcoin Trust (IBIT) attracted $79.5 million. The Ark 21Shares Bitcoin ETF (ARKB) received $69.8 million, and the Grayscale Bitcoin Trust (GBTC), which has historically experienced outflows, recorded an inflow of $37.8 million.
Bloomberg senior ETF analyst Eric Balchunas compared the recent surge in bitcoin ETFs with the dynamics observed in gold-based products, suggesting a growing acceptance of bitcoin as a mainstream investment.
He wrote on X: “Interesting, since the launch of the bitcoin ETFs bitcoin has hit records highs 5 times but gold has hit record highs 30 times.. albeit has only taken in $1.4b in net flows vs $19b for btc ETFs.”
The bitcoin momentum has extended to other major cryptocurrencies, with Ether, the second-largest by market capitalization, trading at $2,600 — an increase of over 8% in the past week. Similarly, on Wednesday, Solana, Dogecoin, and Cardano saw respective gains over the week of 10%, 15%, and 5%.