Breaking News: US Bitcoin ETFs Experience Net Inflows After Weeks of Outflows
After experiencing outflows for four consecutive weeks, US spot Bitcoin exchange-traded funds (ETFs) have marked a notable shift in momentum, witnessing net inflows once again.
According to recent data from CoinShares, digital asset investment products have seen inflows totaling $130 million for the first time in five weeks, suggesting renewed investor interest in crypto-focused investment products, particularly in the United States.
A Diverse Global Investment Landscape
Grayscale, a major player in the digital asset space, reported a significant decrease in weekly outflows, recording its lowest since January at $171 million, potentially indicating market stabilization post-volatility.
- US regulators have shown minimal engagement with spot ETF issuers, especially concerning spot Ethereum ETF applications.
- This lack of interaction has sparked speculation that ETF approvals, particularly for Ethereum-based products, may not be imminent.
On a global scale, investment trends show mixed signals. Hong Kong saw a significant drop to $19 million in inflows, while Switzerland experienced inflows amounting to $14 million.
Global Investment Flows
- Canada and Germany continue to see outflows, reflecting a bearish sentiment in these markets.
- Bitcoin rebounded with $144 million in inflows, countering a generally weak month, while short-Bitcoin exchange-traded products recorded outflows totaling $5.1 million.
Bitcoin and Ethereum Market Performance
Bitcoin surged nearly 3% in the past 24 hours, while Ethereum increased by 1.2%. Despite these gains, both assets are down by 2.3% and 6% over the past week, with potential paths for Bitcoin’s price identified by experts:
- If Bitcoin reclaims $64,290 as support, it could rise towards $76,610.
- Failing to do so might see Bitcoin drop to support at $51,970, based on MVRV extreme deviation pricing bands.
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