U.S. spot Bitcoin spot ETFs posted their biggest daily inflows in nearly two months on Friday, although the market’s largest ETF did not contribute to the increase.

Total inflows reached $263.1 million, the highest since July 22, when $485.9 million flowed into Bitcoin ETFs. This marks a significant recovery after two consecutive weeks of net negative inflows, with last week’s total reaching $403.8 million.

Among notable ETFs, Bitwise’s BITB saw the third-largest inflow at $43.1 million. Bitwise CEO Hunter Horsley expressed his optimism in a post on X (formerly Twitter): “I’ve never been more optimistic about the path ahead for Bitcoin and crypto. I’m happy to be a part of this community,” he said, referring to the inflows.

The influx of funds into Bitcoin ETFs comes as Bitcoin is hovering around $60,000. Market participants are keeping a close eye on the Fed, with a potential rate cut on the horizon. The CME FedWatch tool currently shows an equal chance of the Fed cutting interest rates by 25 or 50 basis points at its September 18 meeting. The central bank has left interest rates unchanged since raising its target to 525-550 basis points in July 2023.

*This is not investment advice.