The Bitcoin bulls are back — if ETF flows are to be believed. 

U.S. bitcoin exchange-traded funds received $999 million in new investment on Monday, according to Farside Investors data. 

That’s the most in one day since October 6, when the funds received over $1.2 billion and the price of the leading cryptocurrency hit a new all-time high of $126,080. 

Bitcoin’s price recently stood at $86,552 after scraping $87,330 on Monday. Over the past seven days, the coin’s price has surged by nearly 13%. 

Bitcoin ETFs in the U.S. — approved by the SEC in 2024 — have helped investors get exposure when they couldn’t before. Now, Wall Street firms can quickly buy shares of funds managed by the likes of BlackRock, Fidelity, Morgan Stanley, and others. 

When big investment hits the funds, the price often moves significantly — as what happened on Monday. 

Bloomberg ETF analyst James Seyffart on Monday said that the average ETF buyer is now in profit after the estimated ETF cost basis surged above $81,72 for the first time since January.  

The ETF to receive the most of Monday’s investment — $381.4 million — was BlackRock’s iShares Bitcoin trust. The ARK 21Shares Bitcoin ETF received $289.1 million; Fidelity’s Wise Origin Bitcoin Fund took in $238.8 million. 

Investors have a renewed interest in Bitcoin after the artificial intelligence stock rally cooled and the U.S. Department of the Treasury in August said it would at least double the size of its liquidity-support buyback operations. 

Analysts said the move pushed 30-year Treasury yields down, weakened the dollar, and made assets like bitcoin more attractive. Following the announcement, the bitcoin price had its best run in years. 

A Tuesday report from crypto market data firm CryptoQuant said that the leading cryptocurrency crossed above its 365-day moving average, a signal that the asset has finished being in a bear market.