As a seasoned researcher with a deep-rooted interest in cryptocurrencies and their market dynamics, I must admit that this week’s Bitcoin ETF inflows have caught my attention. After two weeks of turbulent outflows, it seems that investors are finally returning to the fold, injecting a substantial $403.8 million into these funds. This shift in sentiment could potentially signal a bullish trend for Bitcoin, which, if history repeats itself, might just be gearing up for another spectacular ride.
As a researcher, I observed an impressive rally in Bitcoin ETFs last week, marking their strongest one-day surge in nearly two months. This positive development suggests a change in investor attitude towards these cryptocurrency products, which have been grappling with substantial outflows of capital over the past few weeks.
Investors Flood Back To Bitcoin ETFs After Two Weeks Of Outflows
Last Friday, September 13th, saw a record net investment of $263.1 million in the U.S. Bitcoin ETF market – the highest since July 22nd’s peak of $485.9 million in one day. Notably, BlackRock’s IBIT, the largest Bitcoin ETF by managed assets, did not experience any net inflows on this particular day.
Over the past few weeks, the asset management fund of the trillion-dollar company hasn’t been performing optimally, as it has minimal trading activity on many days. However, there were some exceptions last Friday when Fidelity’s FBTC attracted $102.1 million in fresh investments and Ark & 21Shares’ ARKB followed suit with a one-day influx of $99.3 million.
Moreover, BITB by Bitwise ended up in third place for the day, attracting more than $43 million. Interestingly, it appears that withdrawals from Grayscale’s exchange-traded fund may be decreasing, as their GBTC product recorded an inflow of approximately $6.66 million on Friday.
Over the course of last week, the total weekly net investments into Bitcoin ETFs reached an astounding $403.8 million, as per SoSoValue’s data. Conversely, the preceding two weeks witnessed a collective outflow of $983.31 million from US-based Bitcoin ETFs, indicating a change in the trend of capital movement towards these crypto funds.
From a researcher’s perspective, the timing of recent BTC ETF inflows is particularly intriguing given the latest surge of Bitcoin’s price above $60,000. At present, the price of Bitcoin remains steady around that level, showing minimal fluctuations over the last day.
Ethereum Funds Continue To Trail Bitcoin ETFs
Although Ethereum exchange-traded funds have not yet reached the initial high expectations and have not been as influential as their Bitcoin counterparts, they continue to grow. Last Friday, U.S.-based Ethereum funds experienced a daily net inflow of approximately $1.52 million.
On Friday, Grayscale’s ETHE saw a significant outflow amounting to over $7.3 million. Conversely, Bitwise and BlackRock’s Ethereum ETFs experienced inflows of approximately $5.2 million and $3.67 million each.
In my analysis as a researcher, the daily influx of capital fell short of expectations during the last week, failing to produce a favorable outcome for Ethereum funds. As per SoSoValue’s data, the Ethereum ETF market experienced an overall net outflow amounting to nearly $13 million over the past seven days.
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2024-09-15 18:11