US spot Bitcoin exchange-traded funds (ETFs) have maintained their impressive performance in “Uptober” with $2.71 billion in weekly inflows, indicating persistent institutional demand.
As per data from SoSoValue, total assets managed by Bitcoin ETFs rose to $158.96 billion as of Friday, accounting for nearly 7% of Bitcoin’s overall market capitalization.
“Capital continuously flows into BTC as investors reaffirm their belief in digital gold. Liquidity is increasing as the market momentum begins to form,” stated Vincent Liu, chief investment officer at quantitative trading firm Kronos Research, in an interview with Cointelegraph.
Monday marked the peak day for spot Bitcoin ETFs, as the funds witnessed a remarkable $1.21 billion in net inflows, the second-highest single-day inflow since the inception of these products. Additionally, the funds gained $875.61 million in inflows on Tuesday.
Related: DeFi thriving as $11B Bitcoin whale ignites ‘Uptober’ optimism: Finance Redefined
Bitcoin ETFs experience $4.5 million outflow
On Friday, Bitcoin ETFs faced a $4.5 million net outflow due to market unease following President Donald Trump’s announcement of a 100% tariff on imports from China.
BlackRock’s IBIT led the sector with $74.2 million in daily inflows and $65.26 billion in cumulative totals. Conversely, Fidelity’s FBTC and Grayscale’s GBTC had outflows of $10.18 million and $19.21 million, respectively.
“Trump’s tariff announcement appears more a negotiation method than a genuine policy shift. It’s a classic pressure tactic,” Liu remarked. “Markets may react momentarily, but informed investors recognize the reality: macro distractions won’t change convictions,” he added.
Related: Understanding Ether ETF inflows: Their implications for traders
“Uptober” triggers ETF surge amid 31 filings
In the past two months, 31 crypto ETF applications have been filed with the US Securities and Exchange Commission (SEC), including 21 within just the first eight days of October.
Analysts predict that this could signify the beginning of the “floodgates” opening for crypto ETFs. Bloomberg’s James Seyffart mentioned that nearly 100 crypto-related products were awaiting SEC decisions as of late August.
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