Spot Bitcoin ETFs Record $627M Inflows as BTC Surpasses $120k

According to data from Farside, U.S.-approved exchange-traded funds (ETFs) tied to the value of bitcoin (BTC) ended yesterday with a massive $627 million in inflows as investors scooped up shares of the investment funds. Notably, this marks the fourth consecutive day of inflows this week. The fund has amassed approximately $2.25 billion during this period.

Moved by the massive inflows, the apex crypto asset surged to the $121,000 mark on Thursday. At the time of writing, it has maintained a stand above $120,000 as investors form a psychological support at that range.

BlackRock’s IBIT Leads Inflows

Leading the bullish ETF business day was BlackRock’s IBIT, which saw investors purchasing about $466.5 million in its shares. It accounts for over 74% of Thursday’s inflow and has recorded $1.07 billion in inflows this week. After trading for approximately 22 months, IBIT has recorded an all-time inflow of $61.84 billion, solidifying its position as the most widely purchased bitcoin ETF.

Trailing behind IBIT on Thursday was Fidelity’s FBTC, which recorded $89.6 million in inflows. Remarkably, FBTC led the bitcoin ETF inflows on Monday, taking in almost $299 million. However, starting the new month, it has been in the second spot, allowing IBIT to reclaim its position as the top BTC ETF.

None of the U.S.-approved bitcoin investment funds recorded an outflow yesterday. While about three did not witness any market movement, Ark 21Shares ARKB, Bitwise’s BITB, among others, recorded minimal inflows, contributing to the green day.

Meanwhile, the spot Ether ETFs also ended Thursday on a positive note, recording $307.1 million in inflows. BlackRock’s ETHA led the day with $177.1 million in inflows, while Fidelity’s FETH stayed in the second position with $60.7 million in inflows. None of the Ether ETFs also recorded outflows.

Uptober! BTC Breaks Above $120,000

Notably, Thursday’s surge to $121,000 broke a strong resistance level in the $120,000 range, which it has held since August. Recent analysis suggests a further uptrend as investors have become bullish on the leading crypto, and there is no severe selling pressure forthcoming.

Moreover, considering previous price movements and closely observing the daily chart also confirms that bitcoin is gearing up for a massive surge, possibly to a new all-time high, surpassing the $124,500 level it reached in August.

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