Bitcoin Spot ETF records $555.8 million in net inflows on 'monster' Monday

usa spot Bitcoin BTC/USD Flows into ETFs jumped $555.8 million on Monday, with 10 of 12 ETFs reporting net inflows.

what happened: of Fidelity Wise Origin Bitcoin Fund FBTC It led the inflow and collected $239.25 million. Bitcoin ETF per bit BITB That was followed by $100 million, according to SoSoValue data.

black rock iShares Bitcoin Trust ibitThe largest Spot Bitcoin ETF by net assets reported net inflows of $79.5 million. Like other ETFs ARK 21Shares Bitcoin ETF ARKB and grayscale bitcoin trust GBTC also recorded a significant influx.

This day's net inflows were the highest since July.

ETF Store President Nate Geraci called it a “monster day,” highlighting that cumulative net inflows since launch in January now stand at $19.36 billion. “Inflows are approaching $20 billion.” [10 months]is completely ridiculous and blows away all pre-launch demand forecasts. ”

spot Ethereum ETH/USD The ETF had net inflows worth $17.07 million, the highest amount for October. Since its introduction, the Ethereum ETF has recorded cumulative net outflows of $541.82 million.

Also read: Michael Saylor reveals MicroStrategy's ultimate goal is to become a 'major Bitcoin bank' with $100 billion to $150 billion in BTC holdings

Why it's important: The surge in inflows to Bitcoin ETFs comes amid growing bullish sentiment among ETF investors. A recent study from Schwab Asset Management showed that 75% of ETF investors are confident their portfolios will recover from a deep recession or black swan event.

ETFs currently account for 27% of ETF investors' portfolios, and a significant 65% of investors intend to increase their investment in ETFs in the next year.

Changes in political trends that are seen as favoring cryptocurrencies also contributed to the rapid increase in inflows. According to Polymarket data, cryptocurrency advocate Donald Trump has a 57% chance of winning, while Kamala Harris has a 43% chance of winning.

Price action: Over the past 24 hours, BTC and ETH are trading up 1.4% and 2.1%, respectively.

what's next: The impact of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on November 19th.

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