Bitcoin is flirting with a winning run last seen a year ago, aided by the record-breaking debut of US exchange-traded funds for the token.
The digital asset rose about 1% to $48,436 as of 9:50 a.m. Monday in Singapore, poised for a seventh straight daily gain that would mark the longest such streak since January 2023 if the advance holds, data compiled by Bloomberg show.
Nine new spot Bitcoin funds began trading in the US on Jan. 11 and have attracted more than $9 billion of investor inflows so far. Two of the offerings, from BlackRock Inc. and Fidelity Investments, rank as the most successful ETFs launched based on assets garnered after a month on the market, Bloomberg Intelligence analysts Eric Balchunas and James Seyffart wrote in a note.
There are indications of an “increasing movement of institutional money into the asset class,” Caroline Bowler, chief executive officer at crypto platform BTC Markets Pty, said on Bloomberg Television.
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The more than decade-old Grayscale Bitcoin Trust, the largest portfolio dedicated to the token, converted into an ETF the same day the new funds went live. A more than $6 billion outflow from the Grayscale vehicle has slowed. The batch of 10 ETFs have attracted a net $2.8 billion overall.
Hype over the ETFs fueled a Bitcoin revival last year, briefly taking the token past $49,000 on