U.S. Bitcoin ETFs receive nearly $1 billion in one day

U.S. bitcoin exchange-traded funds received $999 million in new investment on Monday, according to Farside Investors data. The inflow was the largest in one day since October 6, when the funds received more than $1.2 billion and bitcoin reached a new all-time high of $126,080. Bitcoin recently stood at $86,552 after reaching $87,330 on Monday. Its price rose nearly 13% over the past seven days. The funds were approved by the U.S. Securities and Exchange Commission in 2024 and give investors exposure to bitcoin through shares managed by firms including BlackRock, Fidelity and Morgan Stanley. The article says large investments in the funds often lead to significant price movements, as it says happened on Monday. Bloomberg ETF analyst James Seyffart said on Monday that the average ETF buyer was in profit after the estimated ETF cost basis rose above $81,72 for the first time since January. BlackRock's iShares Bitcoin Trust received the largest share of Monday's investment, at $381.4 million. The ARK 21Shares Bitcoin ETF received $289.1 million, and Fidelity's Wise Origin Bitcoin Fund received $238.8 million. The article links renewed investor interest in bitcoin to a cooling artificial intelligence stock rally and an August statement from the U.S. Department of the Treasury that it would at least double the size of its liquidity-support buyback operations. Analysts said that move pushed 30-year Treasury yields lower, weakened the dollar and made assets such as bitcoin more attractive. The article says bitcoin then had its best run in years. A Tuesday report from crypto market data firm CryptoQuant said bitcoin had crossed above its 365-day moving average, which it described as a signal that the asset had finished being in a bear market.