US Spot Bitcoin ETFs See $263M Inflows, Largest Single-Day Increase Since July 22

On Friday, U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a surge in inflows, with $263 million in net purchases, marking the largest single-day increase since July 22. This boost coincided with Bitcoin’s rise above $60,000, up 12% over the past week.

Fidelity’s Bitcoin ETF (FBTC) led the inflows, attracting $102 million in fresh capital, bringing its total weekly inflows to $218 million. ARK Invest and 21Shares’ Bitcoin ETF (ARKB) followed closely, recording $99 million in inflows.

Other Bitcoin ETFs managed by firms like Bitwise, Franklin Templeton, Valkyrie, VanEck, and Grayscale also saw positive inflows. However, BlackRock’s iShares Bitcoin Trust (IBIT) and WisdomTree’s Bitcoin Fund (BTCW) reported zero inflows on Friday, with IBIT struggling in recent weeks, experiencing no inflows on multiple trading days and seeing net outflows on August 29 and September 9.

Despite mixed performances across funds, U.S. spot Bitcoin ETFs closed the week with over $400 million in net inflows, signaling growing optimism in the crypto market. The price of Bitcoin rose from $54,300 to over $60,600, and other major cryptocurrencies like Ethereum (ETH) saw an 8% weekly increase, reaching $2,400.

The surge in inflows and crypto prices is partly driven by speculation of a potential interest rate cut by the U.S. Federal Reserve, with inflation data coming in below expectations at 2.5%. Many investors anticipate a rate cut of 25-50 basis points at the Fed’s September 18 meeting, which, along with similar moves by other central banks, may continue fueling optimism in the crypto market.