Bitcoin records over $880 million net inflows in 2 days as Bitcoin broke $71k

Bitcoin exchange-traded funds (ETFs) saw substantial inflows of a combined $881 million across Oct. 25 and 28, continuing a trend of significant investment activity since mid-October.

On Friday, Oct. 25, total inflows reached $402 million, with the iShares Bitcoin Trust (IBIT) leading the pack by attracting $292 million. Fidelity’s FBTC added $56.9 million, while ARK’s Bitcoin ETF (ARKB) gained $33.4 million after outflows surpassing $220 million since Oct. 21. Smaller contributions came from Bitwise’s BITB and VanEck’s HODL.

The momentum carried into Monday, Oct. 28, as Bitcoin touched $69,000, and total inflows increased to $479.4 million. IBIT again dominated with $315.2 million in new capital. FBTC secured $44.1 million, and ARKB attracted $59.8 million. Bitwise’s BITB saw an inflow of $38.7 million, marking a significant uptick from previous days. Grayscale’s BTC fund contributed $21.6 million to the total.

These figures follow a period of fluctuating investment flows. After a net outflow on Oct. 22 that ended a seven-day inflow streak totaling over $2.6 billion, ETFs experienced mixed results on Oct. 23 and 24. The recent surge suggests renewed investor confidence in Bitcoin ETFs, possibly influenced by the impending US election.

The consistent inflows into IBIT highlight its strong position in offering traditional market exposure to Bitcoin. The increased activity in ARKB and BITB indicates a broader investor interest across multiple funds.

Since US markets closed on Oct. 28, Bitcoin has increased around 2.6% to break $71,000 as of press time, indicating a current deviation from the NAV for ETFs. When markets open again later today, will investors continue the overnight bullish trend or profit from the surge?

Bitcoin is approaching price discovery above $71,500 with little support or resistance from previous trading history. It has already met resistance at this level in the early hours of Oct. 29. It is now just 3.5% away from its all-time high.

Bitcoin price channels

The post Bitcoin records over $880 million net inflows in 2 days as Bitcoin broke $71k appeared first on CryptoSlate.

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