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Bitcoin ETFs Pull In $676M as BTC Price Tops $119K

U.S. spot Bitcoin ETFs experienced significant inflows of $675.8 million on Wednesday, reaching their highest total since September 12. This surge coincided with the price of Bitcoin reaching over $119,000. Analysts attribute these inflows to predictions of imminent U.S. interest rate cuts and other macroeconomic factors. The inflow details revealed that BlackRock's IBIT fund led with $405.5 million, followed by Fidelity's FBTC fund with $179.3 million, and Bitwise's BITB with $59.4 million. This marked a strong recovery after $418.3 million had been withdrawn from Bitcoin ETFs last week. Meanwhile, Ethereum ETFs also gained substantial interest, attracting $80.9 million. Overall, the expectation of an interest rate cut in October appears to elevate demand for Bitcoin as a safe-haven asset, enhancing its appeal amid broader economic uncertainties.

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