Bitcoin ETFs take in $2.8 billion over six straight days of buying

Six straight days of buying push ETF inflows past $2.8 billion

Bitcoin exchange-traded funds have taken in more than $2.8 billion over six consecutive days of investor buying, according to Farside Investors data cited by Bitcoin Magazine. An exchange-traded fund, or ETF, is a product listed on a stock exchange that lets investors buy shares tied to an asset instead of holding that asset directly.

The buying has continued since September 17. The funds are run by firms including BlackRock, Fidelity, and Morgan Stanley.

Monday was the biggest day of the run. Investors bought nearly $1 billion in ETF shares that day, the most since October 6, when the funds took in more than $1.2 billion.

Key numbers from the streak

• More than $2.8 billion: total inflows over the six days since September 17.
• Nearly $1 billion: shares bought on Monday, the largest daily total since October 6.
• More than $1.2 billion: inflows on October 6, the same day bitcoin set its record high.
• $87,330: bitcoin's high on Monday. The price was near $83,975 on Friday.
• Nearly 4%: bitcoin's gain over the past seven days.

Bitcoin's price sits below Monday's high

Bitcoin traded near $83,975 on Friday, below the $87,330 it reached on Monday, according to the report. Over seven days, the price is up nearly 4%.

Bitcoin's record is $126,080, set in October of last year. The price fell later that month after the largest liquidation event in crypto history closed more than $19 billion in bets. A liquidation is the forced closing of a trading position.

Analyst says the average ETF buyer is back in profit

Bloomberg ETF analyst James Seyffart said the average buyer of a bitcoin ETF is now in profit. He pointed to an estimate that the average cost basis for ETF holders rose for the first time since January. A cost basis is the average price an investor paid.

Treasury buybacks and a weaker dollar drew investors back

The report ties renewed interest in bitcoin to the U.S. Department of the Treasury's August statement that it would at least double the size of its liquidity-support buyback operations. The announcement pushed 30-year Treasury yields down and weakened the dollar, and bitcoin's price rose. Since then, U.S. Treasury yields have risen again.

Bitcoin also kept rising last week even as lawmakers blocked the Clarity Act, a major crypto bill, and the Federal Reserve raised interest rates.

Analysts debate whether a bull run has started

Some analysts say bitcoin is now in a bull run, the report says. Crypto market data firm CryptoQuant wrote this week that bitcoin moved above its 365-day moving average, which it called a sign that the asset has finished being in a bear market. A moving average is the average price over a set period; the 365-day line covers one year.

The report also notes the return of the "debasement trade," in which investors put money into an asset to protect against a currency losing value. Bitcoin has benefited as the dollar has weakened, according to the report.

What is confirmed and what is claimed

• Confirmed by the report: the six-day inflow total, the near-$1 billion day on Monday, the fund managers named, and the price levels quoted from Farside Investors data and the report.
• Claimed, not confirmed: the view that bitcoin is in a bull run. That comes from analysts and CryptoQuant, based on the 365-day moving average.
• An estimate: the average cost basis for ETF buyers cited by Seyffart.

Why the streak matters

The inflow figures show that demand for bitcoin through ETF products continued even as the price slipped from its Monday high. The report ties that demand to the Treasury buyback announcement and the weaker dollar.

Sources

• Bitcoin Magazine
• Farside Investors (ETF flow data cited in the report)
• James Seyffart on X (cited in the report)