The US crypto ETFs have had the best day since June 2024, registering over $500 million of inflows on October 14, which also impacted Bitcoin’s price.
October 14 turned out to be an extremely bullish day for the crypto market, with Bitcoin surging to over $65,000. A major factor driving this rally was the huge influx of funds into the US crypto ETFs. According to official data, the spot Bitcoin ETFs recorded $555.9 million worth of inflows on October 14. This is the best day in terms of inflows for the spot Bitcoin ETFs since June this year.
Most analysts and experts are deliberating on who led the huge inflows. Most of them feel institutional crypto investors could be heading it. Meanwhile, Fidelity’s crypto ETF attracted the most inflows on October 14, which amounted to over $250 million. Bitwise, BlackRock, and Ark’s ETFs followed with strong inflows.
On the other hand, the complete opposite situation has emerged among the spot Ethereum ETFs in the US. Data suggests how most of these ETFs have recorded relatively negligible inflows in the last few days. The same is also reflected in ETH’s price, which has floated above $2,500 recently.
Institutional crypto investors seem to have broadly embraced crypto as an investment through the ETFs. Instead of opting to invest through avenues like exchanges, investors are increasingly opting for the ETF route. These ETFs have gone through all the necessary regulatory processes before their launch, gaining the trust of investors.
At the same time, a direct correlation has been established between BTC’s price and the inflows in these ETFs. With rising inflows, liquidity and bullish sentiments have witnessed renewed strength, leading to a rally.
Bitcoin’s rally also prompted a surge in crypto firms’ stock prices on October 14.
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