Bitcoin prices soared to nearly $90,000 in early November, leading to large inflows into spot Bitcoin exchange-traded funds (ETFs) in the United States.
On November 6th, Bitcoin (BTC) began a bull run, with the price soaring from the $69,000 mark to nearly $90,000 in just seven days. Positive market sentiment and fear of missing out (FOMO) have driven the price of Bitcoin soaring, prompting both retail and institutional investors to increase their exposure to Bitcoin.
As a result, investments in US spot Bitcoin ETFs for the week of November 6th to 11th reached $2.6 billion. According to Data provided by Farside Investors.
Identify inflows and outflows for Bitcoin ETF investments. Source: Farside Investors
All ETF providers attracted investment amid Bitcoin bull market
Of the 11 spot BTC ETFs in the US, BlackRock's iShares Bitcoin Trust brought in the highest amount of investments worth approximately over $2 billion during the period.
Other notable ETFs that contributed weekly inflows included Fidelity's WiseOrigin Bitcoin Fund, Bitwise Bitcoin ETF, and ARK 21Shares Bitcoin ETF, with $668.3 million and 1. 80 million, with an inflow of $253.2 million.
Grayscale records rare positive inflow streak
Additionally, the Grayscale Bitcoin Trust, notorious for causing $20 billion in outflows from the ETF ecosystem, also recorded net inflows during the Bitcoin bull market.
According to Farside Investors, Grayscale's Bitcoin ETFs (GBTC and BTC) have raised a total of $219.8 million since November 6th.
Related: “Volmageddon” — Bitcoin ETF, Coinbase, MicroStrategy trading volume reaches $38 billion
Positive investor sentiment has also spilled over into the Spot Ether ETF ecosystem. On November 11th, the US Spot Ether ETF recorded its highest daily inflow since its launch in July.
The Spot Ether ETF recorded inflows of $294.9 million on November 11, breaking the previous record for a launch day of $106.6 million.
“Ethereum, which has been a laggard for most of this cycle, is starting to receive bids,” Rachel Lucas, a crypto analyst at BTC Markets, said in a note to Cointelegraph.
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