Bitcoin ETFs Bring in $241M To Kick Start ‘Uptober’

Investors bought over $241 million in U.S. bitcoin exchange-traded funds last week, the third consecutive week of inflows that has helped keep the leading cryptocurrency’s price up during the start of so-called “Uptober.” 

Data from Farside Investors shows that money hit the popular funds every day — apart from on Wednesday, when speculators pulled out nearly $149 million from the vehicles. 

The price of bitcoin now is up close to 7% over a 30-day period, and was recently priced at $85,605. 

Last week, BlackRock’s iShares Bitcoin Trust took in the lion’s share of investment, receiving over $450 million in fresh cash. 

Funds managed by Fidelity and Morgan Stanley also experienced significant trading action and inflows. 

Bitcoin’s price is often buoyed by investors buying shares of the U.S. ETFs. The funds give investors easy exposure to the asset via shares they can buy on their brokerage accounts. 

Bitcoin’s price started rallying in August after the U.S. Treasury Department said it would more than double the size of its government debt repurchases. The coin had its best run in three years and third best August ever.  

The coin’s price has recently benefited from the so-called debasement trade: when investors buy certain assets to hedge against currency being devalued. The dollar slid in value in August.