Bitcoin Surges to $62,745 Amid Record Inflows into ETFs

Bitcoin Surges to $62,745 Amid Record Inflows into ETFs

Bitcoin’s value soared to $62,745 late Thursday, driven by a remarkable surge in investments into exchange-traded funds (ETFs).

Thursday witnessed a historic influx into Bitcoin ETFs, with $194.6 million pouring in—the highest in two weeks. Leading the charge was BlackRock’s iShares Bitcoin Trust (IBIT), which alone attracted $157.6 million. Close behind was the WisdomTree Bitcoin Fund (BTCW), securing $118.5 million in new investments.

Meanwhile, the Retirement Planning Company of New England made headlines by diving into the Bitcoin ETF space.

Despite strong inflows into several ETFs, Grayscale’s Bitcoin Trust (GBTC) experienced a significant outflow of $182.9 million, underscoring the market’s volatility and mixed sentiment towards Bitcoin.

Earlier in the week, the landscape was less optimistic. Monday and Tuesday saw outflows of $168.4 million and $148.6 million, respectively. As a result, the net flow from Monday to Thursday still registered a negative $77.3 million.

Institutional interest in Bitcoin is on the rise, particularly among pension funds that have traditionally followed conservative investment strategies. This cautious stance is evolving.

For instance, the Retirement Planning Company of New England recently invested $249,429 in GBTC, purchasing 4,685 shares, as revealed in its latest FORM 13F filing with the U.S. Securities and Exchange Commission (SEC).

Similarly, in July, the State of Michigan Retirement System disclosed a $6.6 million investment in the ARK 21Shares ARKB spot Bitcoin ETF. Jersey City Mayor Steven Fulop also announced plans to allocate pension funds into spot Bitcoin ETFs, signaling growing confidence in Bitcoin’s long-term viability and the potential of its underlying technology.

In May, the State of Wisconsin Investment Board (SWIB) made waves by purchasing $99 million worth of BlackRock’s iShares Bitcoin Trust (IBIT), reflecting a broader trend of traditional financial institutions embracing cryptocurrency as part of their portfolios.

Bitcoin’s price exhibited its characteristic volatility, rebounding sharply from a low of nearly $49,000 on Monday to Thursday’s peak—an impressive 28% rise. However, the price has since adjusted to around $60,909.

While Bitcoin’s volatility often raises concerns, many enthusiasts view it as evidence of the asset’s dynamic potential. Michael Saylor, co-founder of MicroStrategy, compared it to powerful natural forces.

“Bitcoin is volatile, but that volatility signifies high energy. Like rivers, waterfalls, and fire, volatility carries energy that can be harnessed. This digital asset is drawing substantial capital, driving its exceptional performance,” Saylor commented.