Billions Pour Into Bitcoin ETFs as Rally Rolls On

Bitcoin Magazine

Billions Pour Into Bitcoin ETFs as Rally Rolls On

Bitcoin exchange-traded funds have continued their winning streak, attracting billions of dollars in new investment over the past week.

U.S. investors have thrown $2.56 billion since last Monday, according to Farside Investors data, helping push the leading cryptocurrency’s price higher.

And this week alone, nearly $652 million in fresh cash has hit the products managed by the likes of BlackRock, Morgan Stanley, and Fidelity.

Bitcoin was recently trading for $78,302 after jumping nearly 25% over a seven-day period. The coin touched as high as $81,160 on Monday.

Bitcoin’s rise comes after a sluggish June and July when it mostly traded below $65,000.

The cryptocurrency has benefited from news that the Treasury would at least double the size of its liquidity-support buyback operations. The announcement last week hurt the dollar but non-yielding assets like Bitcoin and gold have benefited.

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