Top Highlights

• Figures shared by blockchain data firm Arkham Intelligence show that the American funds collectively added approximately $250 million worth of Bitcoin on Monday, the most added in a single day for more than a month.
• When the new funds receive Bitcoin, it is due to investor demand: People or entities are buying shares which track the underlying price of the asset, and the operators of the funds that hold the crypto then make the buys on behalf of the investors.
• And they were wildly popular over the first few months, with billions of dollars in investor cash hitting the products. But demand slowed in recent months, thanks in part to worries over when the Federal Reserve would slash interest rates—and by how much.
• “We saw the inflows really pick up on Friday last week," he added, "when comments were made by various Fed members alluding to the 50bp cut and expressing a much more dovish tone.”
• Investors snapping up shares of the new Bitcoin ETFs earlier this year led to a price boom, with the biggest virtual coin hitting a fresh all-time high of $73,737 in March. The asset has seen volatility since then, and remains about 18% down from that peak.

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