U.S. Spot Bitcoin ETFs Hit Record Total Asset Value After Six Straight Days of Net Inflows
On October 20, the 12 U.S. spot bitcoin ETFs hit the highest total net asset value of the funds since their launch in January. The funds now hold more than $66.1 billion worth of bitcoin, surpassing the record of $62.6 billion set in early June.The ETFs hold 4.89% of bitcoin's total market capitalization. These funds experienced their best trading week for inflows since early March, with more than $2.1 billion in inflows, the fourth best week to date, and six consecutive days of inflows. The recent rise in the price of Bitcoin has also helped these funds hit new highs; the price of Bitcoin has risen approximately 12% from October 10th to its current price of over $68,000, pushing up the value of each ETF. The total value of these funds' bitcoin holdings has increased by about $11 billion since the close of trading on Oct. 10, the last day net outflows were recorded. Of these, BlackRock's IBIT has seen its asset value increase by more than $3 billion during this period, making it the single fund with the largest gain.
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