In a notable shift for the cryptocurrency landscape, Bitcoin exchange-traded funds (ETFs) recorded their highest daily inflows in months, amounting to $697.2 million on Monday. This surge follows a period of decline, as the crypto market begins to show signs of recovery.
The rebound in inflows was significantly bolstered by BlackRock“s iShares Bitcoin Trust, which alone accounted for more than half of the total, bringing in $372.5 million. This uptick came on the heels of Friday”s performance, where the fund had already achieved a three-month peak with $287.4 million in inflows.
Additionally, the Fidelity Wise Origin Bitcoin Fund attracted considerable investor interest, generating $191.2 million in shares created on Monday, as tracked by Farside Investors, an investment management firm based in London.
Despite a slight retracement to $92,080—reflecting a 2.3% decrease from Monday”s high—Bitcoin remains 4.4% higher compared to its value the previous week. Market predictions from users on Myriad, a prediction market platform, suggest a 74% probability that Bitcoin will reach $100,000 before potentially dropping back to $69,000, indicating a shift in market sentiment.
This revitalization of interest comes after a disappointing December where Bitcoin fell below $90,000, quelling hopes for a traditional year-end rally. However, the new year has brought renewed optimism, as evidenced by Bitcoin“s rise above $94,000 earlier this week.
The total assets under management in Bitcoin ETFs now stand at an impressive $122.86 billion, according to CoinGlass, a crypto analytics platform.
In a significant development, Morgan Stanley has indicated its intention to join the competitive ETF landscape by filing with the SEC to create its own Bitcoin and Solana ETFs. The registration forms detail the funds” fee structures but do not disclose specifics about custodians or the partners involved in crypto transactions. A representative from the bank has stated that further details regarding custodial partnerships will be available in due course.
