The U.S.-based spot Bitcoin exchange-traded funds (ETFs) have experienced significant activity over the past three weeks, driving market-wide bullish momentum.

Spot Bitcoin ETFs Surge in Inflows

According to data provided by Farside Investors, spot Bitcoin ETFs in the U.S. recorded $870.1 million in net inflows on October 29—levels unseen since June 4. BlackRock’s IBIT fund led the pack with $642.9 million in inflows, bringing its total net inflows to $24.94 billion.

ETF Performance Snapshot

Here’s a quick review of ETF performance on October 29:

  • Fidelity’s FBTC: $133.9 million in inflows
  • Bitwise’s BITB: $52.5 million in inflows
  • Grayscale’s mini BTC fund: $29.2 million in inflows
  • VanEck’s HODL: $16.5 million in inflows
  • Ark 21Shares’ ARKB: $12.4 million in inflows

Despite the massive inflows, Grayscale’s GBTC fund saw an outflow of $17.3 million, with its total net outflows exceeding $20 billion so far. ETFs like BTCO, EZBC, BRRR, and BTCW remained neutral with no flows.

Spot Ethereum ETFs Also See Activity

Spot Ethereum ETFs in the U.S. recorded a net inflow of $7.6 million, according to Farside Investors. BlackRock’s ETHA registered an inflow of $13.6 million, while Grayscale’s ETHE saw an outflow of $6 million. The remaining seven ETH-related investment products reported no flows.

Bitcoin and Ethereum Price Movements

The Bitcoin price gained 2.2% in the past 24 hours, buoyed by the impressive inflows into U.S.-based spot ETFs. BTC is currently trading at $72,400. On October 29, Bitcoin briefly surpassed the $73,500 mark, nearing its all-time high of $73,750 from March 14.

BTC price is trading at $72,400 at the time of writing.

Ethereum also saw a 1.3% increase over the past day and is trading at $2,640.

Market Cap and Trading Volume

Data from CoinGecko shows that the global crypto market capitalization rose by 0.2% in the past 24 hours, currently standing at $2.546 trillion. The total daily trading volume surged by 70%, reaching $137 billion. This rising trading volume could indicate growing interest among cryptocurrency investors and traders.

However, it is essential to note that the market is showing signs of overheating due to the consistent upward momentum driven primarily by ETF inflows.

For more updates on cryptocurrency and finance, visit Global Crypto News.

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