Last Friday witnessed a sharp upturn in the U.S. spot Bitcoin ETF market, with net inflows of $908 million. Data from Farside Investors indicates that this rebound came after an outflow of $242 million the day before.
Coincident with the resurgence of interest in Bitcoin-backed ETFs, Bitcoin reached its highest level since December 26 at $98,000.
Leading the way was Fidelity’s Bitcoin Fund (FBTC), which brought in $357 million, one of its best one-day results since launch.
BlackRock’s iShares Bitcoin Trust (IBIT) came in second with $253 million, ending a three-day run of $392 million in net outflows.
At $53.4 billion, IBIT now has 548,506 BTC, and its net inflows amount $37 million.
The partnership between ARK Invest and 21Shares, the ARKB fund, had net inflows of $222 million, strengthening its place in the cutthroat Bitcoin ETF market.
The sector-wide rebound was shown by the increases recorded by other providers, such as Bitwise, Grayscale, and VanEck.
On Friday, Bitcoin hit $98,900, up 4% from the week before, according to CoinGecko statistics. Because of favorable political and market conditions, investors and institutions had more confidence, which led to the rise in the price of Bitcoin.
However, after rising by 1.23% in the past day, the price of Bitcoin has somewhat diminished and is now trading at $97,928.16. It now has a $1.93 trillion market value, and its trading volume was $34.19 billion over the previous day, a 13.2% decrease.
Brad Garlinghouse, the CEO of Ripple, emphasized the favorable attitude toward the new pro-crypto Congress in the United States.
“The 119th Congress, also referred to as the most pro-crypto Congress in history, was welcomed here in the United States today,” Garlinghouse said on X. According to him,
“You cannot deny the energy and excitement already building across the industry, even though the journey is just getting started.”
Analysts predict that the ETF industry will grow even more dramatically, and institutional interest in Bitcoin is still unwavering. By 2025, the current U.S. spot Bitcoin ETFs may have an asset value of up to $250 billion, according to Galaxy Research.
However, VanEck’s CEO, Jan van Eck, has urged investors to spend more money on gold and Bitcoin since they are effective hedges against inflation and fiscal risk. Van Eck believes that Bitcoin’s value might rise to between $150,000 and $300,000 since it serves as a financial hedge in an increasingly uncertain environment.
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