Investors are piling into bitcoin exchange-traded funds at a pace not seen in months, pushing the digital currency higher and raising hopes that the crypto market could regain its mojo.
From Monday to Thursday, spot bitcoin ETFs reported $1.6 billion in net inflows, putting this week on track to be the biggest for inflows this year, according to data provider The Block. There were $606 million on Thursday alone, making it the single biggest day for inflows into spot bitcoin ETFs since May.
Data on those inflows apparently helped bitcoin climb above $77,000 today, building on its gains from earlier this week. ETF inflows are closely watched by crypto investors as a potential sign of broader investor interest in the digital-currency market.