US Spot Bitcoin ETFs experience US$28 million in new inflows, signaling a positive shift in the crypto market.
In the past, some of the spot bitcoin exchange-traded funds (ETFs) in the US which had been experiencing negative flows started to turn the tide and attracted US$28.72 million in net inflows. It was the very first day of positive inflows for these funds in more than a week, which reveals to us that the investors have regained their curiosity in Bitcoin once again.
Fidelity’s FBTC, bringing in US$28.6 million, was the leader of the rally. There were other big winners as well, Bitwise’s BITB with US$21.99 million, Ark Invest and 21Shares’ ARKB with US$6.81 million, and Invesco’s BTCO with US$3.14 million inflows. On the contrary, Grayscale’s GBTC was confronted with an outflow of US$22.76 million, and BlackRock’s IBIT, the spot bitcoin ETF with the largest net assets, experienced outflows of US$9.06 million.
In spite of this rise in capital investment, the 12 bitcoin ETFs saw a drop in the total daily trading volume, which went down to US$1.61 billion from US$2.39 billion, respectively. Since their launching in January, these funds have collected US$16.92 billion in net inflows, indicating the real strength of interest in bitcoin ETFs.
Matt Hougan, CIO of Bitwise, has explicitly stated the increasing use of bitcoin ETFs by investment advisors. He shared that BlackRock’s spot bitcoin fund, which account only in these advisors, was able to retrieve US$1.5 billion, indicating a noticeable institutional change in bitcoins’ popularity as an investment option among these advisors.
On the other hand, spot Ethereum ETFs continued their downward trend, experiencing a fifth consecutive day of net outflows totaling US$5.20 million. Grayscale’s ETHE reported US$22.64 million in outflows, while Fidelity’s FETH and Bitwise’s ETHW saw inflows. The nine ether ETFs saw their total daily trading volume shrink to US$124.51 million, down from US$210.43 million the previous Friday. Their cumulative net flows remained negative, with US$573.49 million in outflows.
The US presidential election debate is almost here i.e. between Donald Trump and Kamala Harris. It should be noted that cryptocurrency has shifted to being in the center of it, and this can have an impact on the market through the investors’ perceptions and decisions. The current political scene brings yet another layer of unpredictability in the growing field of cryptocurrency investments.
