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Cryptocurrency News Articles
Bitcoin (BTC) and Ethereum (ETH) ETFs Record Highest Multi-Week Inflows Amid Recovery Chatter
Sep 28, 2024 at 09:30 pm
Bitcoin (BTC) and Ethereum (ETH) ETFs (exchange-traded funds) recorded the highest multi-week inflows in the session ending Friday, September 27.
Crypto ETFs (exchange-traded funds) saw a surge in inflows during the week ending September 27, with Bitcoin and Ethereum ETFs recording the highest multi-week inflows amid ongoing chatter about the crypto market’s recovery.
After a lackluster September, given it is historically Bitcoin’s worst performing month, markets are left to anticipate better fortunes in October as the month nears its end.
Crypto ETFs See Multi-Week High Inflows
Crypto investors snapped up 7,526 Bitcoin (BTC) and 22,310 Ethereum (ETH) on Friday, leading to a total net inflow of $494.4 million and $58.7 million for Bitcoin and Ethereum ETFs, respectively.
On-chain insights tool Spotonchain reported that these inflows pushed the total weekly flows to levels last seen weeks ago. Notably, Bitcoin (BTC) ETFs recorded a total positive flow of $1.11 billion, marking the largest weekly inflow since July 19.
Meanwhile, Ethereum (ETH) ETFs saw a total inflow of up to $84.6 million from Monday to Friday, which was the largest weekly inflow since August 9.
Data from Farside Investors showed that BlackRock’s IBIT ETF led the inflows daily, except on Monday, where it recorded $11.5 million, compared to Fidelity’s FBTC, which saw $24.9 million in positive flows on Monday.
Since their debut in the US market in January 2024, spot Bitcoin ETFs have been a hot topic among institutional investors, offering direct portfolio inclusion of Bitcoin, without the challenges of direct purchase and secure storage.
As BeInCrypto reported, over 1,000 institutional investors joined the scene within just two 13F filing periods, highlighting the market’s positive response to BTC ETFs.
However, in the ETH ETF market, all issuers are struggling as the financial instrument continues to underperform, rendering both markets’ mustering of positive flows a promising feat.
It comes as investors continue to bet on crypto market recovery, with Bitcoin holding well above $65,500.
Bitcoin’s price strength is closely tied to broader economic indicators that suggest a rise in liquidity, a turnout that often benefits Bitcoin due to its sensitivity to liquidity changes. For instance, China is considering fiscal aid for its citizens amid a struggling economy. In a similar vein, the US Federal Reserve recently cut interest rates, which bodes well for risk-on assets.
Several economists have commented on the rising liquidity, including macro researcher Julien Bittel.
“Liquidity is on the rise again, and Bitcoin – being extremely sensitive to changes in liquidity conditions – has the potential to move explosively as fresh liquidity flows into the system. The macro environment is shifting. A major liquidity wave is now on the horizon, and when it hits, Bitcoin looks primed for a strong push higher in Q4,” Bittel said.
The Global Money Index (GMI) also suggests rising liquidity, measuring the volume of money in circulation among consumers and banks.
An increase in the GMI usually indicates more funds circulating and ready for spending, which could lead to increased Bitcoin purchases.
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