Bitcoin eyes longest winning run in a year

While Bitcoin funds are seeing an exodus, investors took advantage of a recent stock selloff to add nearly US$7 billion combined in one session to the Invesco QQQ Trust (QQQ) and SPDR S&P 500 ETF Trust (SPY).

Bitcoin is flirting with a winning run last seen a year ago, aided by the record-breaking debut of US exchange-traded funds for the token.

The digital asset rose about 1 percent to US$48 436 as of 9:50 a.m. Monday in Singapore, poised for a seventh straight daily gain that would mark the longest such streak since January 2023 if the advance holds, data compiled by Bloomberg show.

Nine new spot Bitcoin funds began trading in the US on January 11 and have attracted more than US$9 billion of investor inflows so far.

Two of the offerings, from BlackRock Inc. and Fidelity Investments, rank as the most successful ETFs launched based on assets garnered after a month on the market, Bloomberg Intelligence analysts Eric Balchunas and James Seyffart wrote in a note.

There are indications of an “increasing movement of institutional money into the asset class,” Caroline Bowler, chief executive officer at crypto platform BTC Markets Pty, said on Bloomberg Television.

The more than decade-old Grayscale Bitcoin Trust, the largest portfolio dedicated to the token, converted into an ETF the same day the new funds went live. —Bloomberg.