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Cryptocurrency News Articles
Bitcoin (BTC) and Ether (ETH) ETFs See Positive Fund Flows, Signaling Bullish US Investor Sentiment
Sep 27, 2024 at 10:00 pm
Fund flow into Bitcoin (BTC) linked exchange-traded funds (ETFs) suggests US investors are bullish on the crypto. On Thursday alone, they poured $365
US investors are showing bullish signs on Bitcoin (BTC) with a fund flow of $365 million into spot Bitcoin exchange-traded funds (ETFs) on Thursday, taking this week's total to over $600 million.
The funds flowing into BTC ETFs helped the digital asset reclaim the pivotal $65,000 level with a gain of around 2% in the last 24 hours. Ether (ETH) also held up at the $2,600 zone, eyeing a breakout to breach $2,700.
The funds that flowed into BTC ETFs helped the digital asset reclaim the pivotal $65,000 level with a gain of around 2% in the last 24 hours. Ether has also held up at the $2,600 zone, eyeing a breakout to breach $2,700.
$365M poured into Bitcoin ETFs
According to data from SoSoValue, on September 26, Bitcoin spot ETFs posted a total net inflow of $365.57 million. This marks six consecutive days of net inflow for these ETFs, which last reported a negative outflow of $52.83 million on September 18, breaking a four-day streak.
The $365 million inflow marks a two-month high for spot Bitcoin ETFs, and it was mainly driven by ARK 21Shares’ ARKB, which attracted $113.8 million yesterday. BlackRock's IBIT also saw an inflow of $93.38 million.
Meanwhile, Grayscale's GBTC continued to lose value and was the only fund with a red index, posting an outflow of $7.7 million.
Bitcoin ETFs have now seen a cumulative inflow of $611 million for the week, pending the release of Friday trading data on September 28.
Overall, it has been a good month for these funds. The week that ended September 13 saw $403 million of inflow, while the week that ended September 20 recorded $397 million.
Bitcoin's price is up by over 9% in the last 30 days. At press time, BTC trades at an average price of $65,787.
Ether ETFs set for breakthrough?
Ether-linked ETFs are finally seeing a change in the narrative as the current week might turn out to be a breakthrough period for these investment funds.
So far, this week has seen a positive inflow of $25.86 million, pending the release of Friday trading data. The last six weeks have seen a trying period for ETH investors as the crypto has printed major red indexes throughout that period.
On September 26, the total net outflow of Ether ETFs stood at $675,500. Grayscale's ETHE had an outflow of $36 million, while Fidelity's FETH had an inflow of $15.92 million, and BlackRock's ETHA had an inflow of $14.85. Grayscale's ETH ETF still seems to be facing a lot of selling pressure.
Ether's price has seen a surge of over 5% in the last 30 days. At press time, ETH trades at an average price of $2,659.
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