Bitcoin exchange-traded funds are on a winning streak, with investors buying for six consecutive days.
The funds — managed by the likes of BlackRock, Fidelity, and Morgan Stanley — have received over $2.8 billion in new investment since September 17, according to Farside Investors data.
On Monday alone, investors bought nearly $1 billion in shares — the most since October 6, when the funds received over $1.2 billion and the price of the leading cryptocurrency hit a new all-time high of $126,080.
Still, Bitcoin’s price on Friday is only up modestly: it recently stood at nearly $83,975 after reaching as high as $87,330 on Monday. Over the past seven days, the coin’s price has surged by nearly 4%.
While the price of the leading cryptocurrency has since dipped from earlier this week, Bloomberg ETF analyst James Seyffart pointed out that the average ETF buyer is now in profit after the estimated ETF cost basis surged above $81,72 for the first time since January.
Investors have a renewed interest in Bitcoin since the U.S. Department of the Treasury in August said it would at least double the size of its liquidity-support buyback operations.
Bitcoin’s price rallied as the move pushed 30-year Treasury yields down and weakened the dollar. Since the August announcement, U.S. Treasury yields have surged again.
Bitcoin continued its run last week, shrugging off the fact that lawmakers had blocked landmark crypto legislation, the Clarity Act, and the Federal Reserve had hiked interest rates.
Some analysts have said that the leading cryptocurrency is now in a bull run. Crypto market data firm CryptoQuant this week wrote that the leading cryptocurrency crossed above its 365-day moving average, a signal that the asset has finished being in a bear market.
Bitcoin notched a record of $126,080 in October of last year but then began to sink later that month after the biggest liquidation event in crypto history saw over $19 billion in bets closed. But the so-called debasement trade — where investors throw money at an asset to hedge against a currency losing its value — is hot again, and bitcoin’s price has benefited as the dollar has weakened.
