The price of Bitcoin (BTC) has jumped to $119,000 U.S. to start October as capital flows back into cryptocurrency exchange-traded funds (ETFs).
Market data shows that Bitcoin ETFs recorded their largest inflows since Sept. 10 of this year, with $675.8 million U.S. of capital being plowed into the investment vehicles.
BlackRock’s iShares Bitcoin Trust (IBIT) took the lion’s share of the capital at $405.5 million U.S.; it's largest inflow since Aug. 14.
The BlackRock Bitcoin ETF now has total assets under management (AUM) of $90.70 billion U.S. The IBIT fund has entered the top 20 ETFs by assets for the very first time.
Since launching in January 2024, BlackRock’s Bitcoin fund has gained 175%.
The resumption of ETF inflows comes as Bitcoin’s price rises above $119,000 U.S. at the start of October, a 4% gain in the past 24 hours.
The month of October is typically the strongest period of the year for Bitcoin, leading many investors to call it “Uptober.”
Analysts say the price of Bitcoin is getting a lift from the current U.S. government shutdown that has led investors to seek safety in gold and cryptocurrencies.
Prices for other cryptocurrencies such as Ethereum (ETH), Solana (SOL), and XRP (XRP) are also recovering after slumping during September, which is usually the worst month of the year for digital assets.
