Bitcoin ETFs See Record Inflows, Surpassing $1 Billion Amid Historic Price Rally
Bitcoin funds have gained $1.1 billion in inflows, reaching their highest level since early 2022, following the approval of new spot Bitcoin exchange-traded funds (ETFs). Large investors have contributed to the influx of cash into crypto-focused funds, with most of the money focused on the new spot BTC ETFs. Despite a recent dip in BTC price after Grayscale began selling BTC to its custodian, Coinbase, the selling has slowed, and money continues to flow into the funds, causing the price of BTC to edge higher. Additionally, funds giving exposure to Ethereum and Cardano have also seen inflows.