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Cryptocurrency investors waded back into the market last week, riding a surge in bitcoin.
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Exchange-traded funds tracking bitcoin and ether attracted more than US$3.2 billion last week, with the iShares Bitcoin Trust ETF alone seeing a nearly US$1.5 billion inflow — the most this year, data compiled by Bloomberg show. Other bitcoin-focused funds also saw meaningful infusions, with investors adding more than US$620 million to the ARK 21Shares Bitcoin ETF and about US$574 million into the Fidelity Wise Origin Bitcoin Fund.
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Meanwhile, ether products posted their first net weekly inflows since February, according to data from Wintermute Trading Ltd.
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The rally unfolded alongside a notable rise across risk assets, including the S&P 500, which last week gained 4.6 per cent amid optimism over potential tariff deals. Bitcoin itself surged 10 per cent to about US$94,000, its best week since the days following the U.S. presidential election.
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Crypto enthusiasts also point out bitcoin’s resilience versus stocks during President Donald Trump’s trade war and the subsequent upheaval it has caused in financial markets. The token is flat this year, compared with the S&P 500’s nearly six per cent drop, a pattern that has reignited calls that the cryptocurrency is acting as a new type of safe haven akin to gold, which has also rallied.
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“Net spot ETF inflows, which are a barometer of institutional interest in bitcoin, have ramped up,” eToro Group Ltd.’s Simon Peters wrote. “With gold at record highs, could investors also be seeing bitcoin, dubbed as ‘digital-gold’ due to its similar scarcity characteristics, as a potential safe haven or alternative asset to invest in if economic uncertainties continue on?”
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IBIT, the largest bitcoin ETF with US$56 billion in assets, has had consistent flows this year, even as markets heave and shudder as Trump waffles between different tariff policies. In the background, the president has made moves to more forcefully embrace the crypto space: He will have dinner with the top 220 holders of the Trump memecoin, the issuers of the cryptocurrency announced last week, spurring a spike in its price.
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Meanwhile, as Bitcoin surged in the wake of the election to above US$100,000 at one point, several analysts have upped their long-term price projections for the coin.
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Michael Saylor of MicroStrategy Inc., rebranded as Strategy, who is a renowned Bitcoin bull, said he sees the coin going to US$13 million by 2045. At an event hosted by crypto asset-manager Bitwise Investment Advisers last week, Saylor made the far-out projection that the iShares Bitcoin Trust ETF (IBIT) will grow to be bigger than funds tracking the world’s largest and most profitable companies.
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