$2 Billion of Bitcoin in Seven Days: Here's What's Going On

U.Today - Bitcoin, the largest cryptocurrency by market capitalization, briefly reached highs of $69,000 before retreating.

In Friday's trading session, the largest cryptocurrency reached a high of $69,000, its highest level since July 29, when Bitcoin last traded at $70,000.

At the time of writing, BTC was up 0.17% in the last 24 hours to $68,277 and up 9% weekly.

Bitcoin's (BTC) ongoing price comeback might have prompted global investors to seek exposure to exchange-traded products (ETPs) linked to the leading cryptocurrency as seen in a remarkable increase in inflows.

In particular, U.S.-listed spot ETFs have seen a strong uptake, pulling in $2 billion in investor money in the week just concluded, according to Arkham Intelligence.

In a major milestone, On Oct. 18, the U.S. Securities and Exchange Commission (SEC) authorized applications from the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE) to list the much-awaited options for spot Bitcoin exchange-traded funds (ETFs).

$2 billion added to Bitcoin ETFs

This is the largest ETF week since March, indicating a revived interest and confidence in Bitcoin among institutional investors. Bitcoin ETFs were initially approved in the United States in January.

The top contributors to this large inflow include BlackRock (NYSE:BLK), Fidelity, ARK Invest and Bitwise.

BlackRock led the push in Bitcoin acquisitions, adding a staggering $1.14 billion to its holdings. Other significant players in the ETF space also ramped up their Bitcoin acquisitions: Fidelity boosted its holdings by $319 million; ARK Invest added $306 million while Bitwise increased its Bitcoin portfolio by $150 million.

Bitcoin reached an all-time high of $73,797 in March after soaring for weeks amid optimism on demand for Bitcoin ETFs. The price then fell by more than 30% by early August, before commencing on the present bull market run.

This article was originally published on U.Today