Spot Bitcoin ETFs Attract Nearly $1 Billion Inflows, Marks 3-Week Positive Streak- Details
27 Outubro 2024 - 2:30PM
NEWSBTC
The US-based spot Bitcoin ETFs has produced another impressive
performance in the past week recording nearly $1 billion in total
inflows. Meanwhile, the spot Ethereum ETFs have struggled to
maintain a positive form with outflows dominating the market in the
same period. Related Reading: Bitcoin Retail lnvestors Remain
Cautious Despite Price Gain – Details Spot Bitcoin ETFs Attract $3
Billion In 11 Days Following a splendid performance in October’s
third week during which the Spot Bitcoin ETFs registered $2.18
billion in market inflows, these institutional funds retained
investors’ interest the following week evidenced by a total weekly
inflow of $997.70 million. According to data from ETF
tracking site SoSoValue, the Spot Bitcoin ETFs recorded a positive
netflow on all weekdays except Tuesday, October 22nd, where they
experienced $79.09 million in outflows. Meanwhile, the
largest inflows came on Friday, October 25, valued at $402.08
million. Of this figure, The dominant BlackRock’s IBIT
attracted $291.96 million as its cumulative net inflows moved to
$23.99 billion. In a similar fashion, Fidelity’s FBTC emerged
in second place recording $56.95 million inflows, while $33.37
million was invested in Ark & 21 Shares’s ARKB. Other ETFs that
contributed to Friday’s gain include Bitwise’s BITB, Grayscale’s
BTC, and VanEck’s HODL with respective inflows of $2.55 million,
$5.92 million, and $11.34 million. Interestingly, these
positive net flows recorded on Friday mean the spot Bitcoin ETFs
have now recorded over $3 billion in inflows in the last eleven
trading days. Commenting on this development, popular crypto
analyst Michaël van de Poppe shared the general excitement of the
crypto community as such massive inflows indicate significant
institutional interest in Bitcoin. Van de Poppe said:
The #Bitcoin ETF has seen an inflow of more than 3 Billion US
Dollars since October 10th. 3 Billion US Dollars. That’s a strong
sign that we’re about to see the big breakout for #Bitcoin to
$100K. As of now, cumulative total net inflows for the Spot Bitcoin
ETFs now stand at $21.93 billion, with their total net assets now
valued at $65.25 billion which represents 4.93% of Bitcoin market
shares. Related Reading: Bitcoin Price To Go ‘Vertical’ Towards
$200,000 As Crypto Analyst Points Out Massive Cup And Handle
Pattern Ethereum ETFs See Negative Returns Again In other
news, the struggles of the spot Ethereum ETF market persist, which
saw total outflows of $24.45 million over the past week, marking
their 11th week of negative returns since debuting on July 26.
Total net assets for these Ethereum ETFs currently stand at $6.82
billion but with a cumulative total net outflows of $504.44
million. At press time, Bitcoin and Ethereum traded respectively at
$67,077 and $2,484 following a minor decline in both assets in the
past day. Featured image from StormGain, chart from
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