U.S. bitcoin exchange-traded funds received $999 million in new investment on Monday, according to Farside Investors data. This represents the largest single-day inflow since October 6, when the funds received over $1.2 billion.
Bitcoin's price reached $87,330 on Monday and recently stood at $86,552. Over the past seven days, the cryptocurrency surged by nearly 13%.
BlackRock's iShares Bitcoin trust received the largest share of Monday's flows at $381.4 million, followed by the ARK 21Shares Bitcoin ETF with $289.1 million and Fidelity's Wise Origin Bitcoin Fund with $238.8 million.
According to Bloomberg ETF analyst James Seyffart, the average ETF buyer is now in profit after the estimated ETF cost basis surged above $81,720 for the first time since January.
Bitcoin ETFs were approved by the SEC in 2024, allowing Wall Street firms and investors to gain exposure through funds managed by major financial institutions including BlackRock, Fidelity, and Morgan Stanley.
Interest in bitcoin has increased following a cooling in artificial intelligence stocks and an August announcement by the U.S. Department of the Treasury regarding expanded liquidity-support buyback operations. Analysts noted that the Treasury announcement pushed 30-year Treasury yields down and weakened the dollar, making assets like bitcoin more attractive.
A report from crypto market data firm CryptoQuant indicated that bitcoin crossed above its 365-day moving average on Tuesday.
