Spot Bitcoin ETFs Witnessing Significant Inflows
Recent data from London-based investment management company Farside Investors, as shared by crypto expert Micheal Van De Poppe, indicates a substantial surge in spot Bitcoin ETFs in the past day.
- Net positive inflows of $202 million were reported on Monday, a significant rise from the previous Monday’s $62.1 million.
- This surge indicates a growing adoption of these products among investors on a daily basis.
- The net inflows recorded recently represent nearly 50% of total net inflows throughout last week, which amounted to around $500 million.
If this trend of significant inflows into spot Bitcoin ETFs continues, it could signal considerable strength in the market, potentially leading to a surge in the value of the leading cryptocurrency. With the rosy outlook on prices and increased investor interest, experts predict that Bitcoin might reach new all-time highs before the end of September.
BlackRock and Other Funds Seeing Inflows
It is notable that BlackRock’s iShares Bitcoin Trust (IBIT) has seen a substantial increase in inflows, contributing significantly to the overall surge.
- The IBIT fund attracted over $224 million in daily inflows, marking its highest inflow in 35 days.
- Other funds like Franklin BTC ETF (EZBC) and WisdomTree BTC Fund (BTCW) also saw positive inflows of $5.5 million and $5.1 million, respectively.
- Conversely, Bitwise BTC ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), and VanEck BTC ETF (HODL) experienced outflows of $16.6 million, $8.3 million, and $7.2 million, respectively.
Additionally, Grayscale’s BTC ETF (GBTC), Invesco Galaxy Bitcoin ETF (BTCO), and Coinshares Valkyrie Bitcoin Fund ETF (BRRR) reported zero daily inflows in this period.
Recent Bitcoin Price Trends
The surge in capital inflows into spot Bitcoin ETFs comes at a time when Bitcoin recently experienced a price drop from $65,000 to $62,720, attracting investors looking to capitalize on the dip.
- Despite the price decline, there is optimism that BTC may see a resurgence in the near future given the growing trading volume, which has increased by over 44% in the last day.
- Currently, Bitcoin’s price stands at $62,818, indicating a potential rebound in the market.
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