Inflows to Bitcoin (BTC) exchange-traded funds (ETFs) are accelerating as the price of the largest cryptocurrency holds steady at just under $80,000 U.S.
About a dozen ETFs that track the spot price of Bitcoin have seen their longest stretch of inflows since April of this year.
The Bitcoin ETFs have posted eight consecutive days of net inflows, pulling in a combined total of $2.8 billion U.S. during the period, according to data from SoSoValue.
Analysts say the accelerating capital flows being directed to Bitcoin ETFs is a healthy sign following months of massive outflows from the funds.
In June of this year, Bitcoin ETFs saw combined redemptions of nearly $5 billion U.S. as institutional investors pulled back with the price of BTC at a low for the year of $58,000 U.S.
Those institutional investors appear to be returning to Bitcoin ETFs with gusto now that the digital asset has broken above resistance at $65,000 U.S. and risen 25% in the past week.
The price of Bitcoin and other crypto has been steadily rising since the U.S. Treasury announced its intention to intervene in the bond market to lower interest rates.
Lower interest rates are positive for risk assets such as cryptocurrencies.
The price of BTC was trading at $79,500 U.S. early on Aug. 27, its highest level since the start of the year.
