U.Today – , the largest cryptocurrency by market capitalization, briefly reached highs of $69,000 before pulling back.
In Friday's trading session, the largest cryptocurrency hit a high of $69,000, its highest level since July 29, when Bitcoin last traded at $70,000.
At the time of writing, BTC was up 0.17% over the past 24 hours to $68,277 and up 9% weekly.
The current Bitcoin (BTC) price rally could have prompted global investors to seek exposure to exchange-traded products (ETPs) pegged to the leading cryptocurrency, as seen in a notable surge in inflows.
In particular, U.S.-listed spot ETFs have seen strong uptake, generating $2 billion in investor money in the week just concluded, according to Arkham Intelligence.
In a major milestone, on October 18, the U.S. Securities and Exchange Commission (SEC) cleared applications from the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE) to list the long-awaited options for Bitcoin spot trading. -Traded funds (ETF).
$2 Billion Added to Bitcoin ETFs
In a tweet, Arkham Intelligence reports that BTC exchange-traded funds (ETFs) have purchased more than $2 billion worth of Bitcoin in the week just concluded.
This is the largest ETF week since March, indicating renewed interest and confidence in Bitcoin among institutional investors. Bitcoin ETFs were initially approved in the United States in January.
Major contributors to this large influx include BlackRock (NYSE đŸ™‚, Fidelity, ARK Invest, and Bitwise.
BlackRock led the charge in Bitcoin acquisitions, adding a staggering $1.14 billion to its holdings. Other major players in the ETF space also increased their Bitcoin purchases: Fidelity increased its holdings by $319 million; ARK Invest added $306 million, while Bitwise increased its Bitcoin portfolio by $150 million.
Bitcoin hit an all-time high of $73,797 in March after soaring for weeks amid optimism over demand for Bitcoin ETFs. The price then fell by more than 30% in early August, before beginning the market's current bullish streak.
This article was originally published on U.Today.
