Bitcoin exchange-traded funds (ETFs) have started a new week with a bang, securing more than $235 million worth of inflows on Oct. 7.
Fidelity's FBTC came in first place with nearly $104 million worth of inflows. BlackRock's IBIT is in a close second place with $98 million.
As reported by U.Today, the Bitcoin price reclaimed the $64,000 on Monday. However, it has since pared some gains.
Since the start of the year, Bitcoin ETFs have emerged as the main bullish catalyst for the market, with their performance being widely tracked by the community.
These products had a very underwhelming start this month with $242 million worth of outflows on Oct. 1. They went on to record negative flows for three consecutive days.
As reported by U.Today, analytics firm CryptoQuant predicted that renewed demand for Bitcoin ETFs could push the price of the leading cryptocurrency substantially higher.
Robbie Mitchnick, head of digital assets at BlackRock, recently stated that he views Bitcoin as a risk-off asset despite the common belief that the largest cryptocurrency tends to be tightly correlated with stocks.
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Arman Shirinyan
Dan Burgin
Vladislav Sopov