Bitcoin price hits a new ATH as spot Bitcoin ETFs saw $3.3 billion in inflows.
Crypto funds recording the largest ever inflows of $5.95 billion came as major news for the crypto market today. This indicates that massive bullish sentiment among institutional investors gets a boost amid the U.S. government shutdown.
Bitcoin (BTC) and Ethereum (ETH) dominate with one of the largest inflows to date, as per a report. This comes as BlackRock’s IBIT and ETHA recorded billions of inflows last week.
CoinShares on October 6 reported a surprise reversal from $812 million outflow to $5.95 billion in weekly inflows. Also, this led to total assets under management (AuM) reaching a new high of $254.37 billion.
Bitcoin saw $3.55 billion in inflows, individually surpassing the second-highest cumulative crypto asset inflows of $3.27 billion. Strong support from Bitcoin ETFs, whales, and corporate treasuries boosted bullish sentiment.
According to the report, Bitcoin price and inflows to funds hit new ATH due to the delayed release of US macroeconomic data amid the government shutdown.
“We believe this was due to a delayed response to the FOMC interest rate cut, compounded by very weak employment data, as indicated by Wednesday’s ADP Payroll release, and concerns over US government stability following the shutdown.”
Ethereum (ETH) inflows also turned positive, recording $1.48 million last week. This pushed total year-to-date (YTD) inflows to a record $13.7 billion.
The United States set a new weekly inflow record of $5.0 billion. Followed by Switzerland seeing its highest $563 million in inflows and Germany witnessing its 2nd-largest weekly inflows of $312 million.
In the crypto market news, Solana (SOL) also broke its weekly record with $706.5 million in inflow amid continued institutional interest. Major factors contributed to a massive rise in buying, with the spot Solana ETF approval deadline as the primary catalyst.
Last week, Solana funds saw $291 million in inflows in anticipation of spot Solana ETF approvals by the U.S. SEC. Bloomberg ETF analysts also raised odds of approval to 100%.
Meanwhile, XRP saw a massive $219.4 million in inflows last week amid high odds of XRP ETF approval. Huge trading volumes were recorded in XRP, indicating interest among crypto traders.
Moreover, SUI, Chainlink, Litecoin, and Cardano (ADA) also witnessed inflows. However, the institutional buying for these altcoins remained low.
In the latest crypto news, BTC price pared some gains after hitting a new ATH of $125,559 in the past 24 hours, with the price currently trading at $123,976. The intraday low and high were $122,459 and $124,326, respectively.
The crypto market turned bullish on Bitcoin and other crypto assets amid the U.S. government shutdown, with capital flowing into the crypto market.
Analysts reiterated an initial Bitcoin price target of $135K, moving away from the recent peak jitters. Spot Bitcoin ETFs in the U.S. saw $3.3 million in inflows last week, the second highest ever, revealed Bloomberg’s ETF analyst Eric Balchunas.
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