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Cryptocurrency News Articles
Bitcoin ETF Demand Remains Strong Despite Outflows, Ethereum ETFs See Modest Inflows
Oct 24, 2024 at 03:00 am
US Bitcoin exchange-traded funds (ETFs) saw outflows on October 22, ending a seven-day streak of strong inflows, according to Spot On Chain.
US Bitcoin exchange-traded funds (ETFs) saw outflows on October 22, ending a seven-day streak of strong inflows as BTC price hovered around $67,200 amid mixed signals.
According to Spot On Chain, the shift in sentiment was evident as the ARK 21Shares Bitcoin ETF (NASDAQ: BITA) experienced its largest outflow ever, at $134.7 million, while BlackRock's iShares Bitcoin Trust (NYSE: IBIT) continued to drive inflows with an additional 637 BTC, valued at $43 million, over six consecutive trading days.
Coin Edition earlier reported on IBIT's substantial purchases, highlighting a total of 22,480 BTC, or roughly $1.51 billion, being added to the trust over the past seven consecutive days of trading. This brings IBIT's total holdings to 392,121 BTC.
Meanwhile, the broader US Bitcoin ETFs witnessed a net outflow of $79.1 million on Friday. However, this outflow is preceded by a strong seven-day period of inflows.
Bitcoin ETF Demand Highlights:
Bitcoin ETFs experienced varying levels of outflows over the past 30 days, with peak net inflows reaching $556 million. This coincides with Bitcoin's price rally from $55,000 to $67,295.
Coin Edition previously reported on these outflows, which initially reached up to $243 million, indicating weak sentiment. However, subsequent inflows suggest a shift in investor confidence.
These outflows are significant as they could indicate worsening market conditions, impacting both Bitcoin and ETFs tracking the cryptocurrency.
At press time, BTC price stood at $66,410.18, indicating a 1.41% decrease over 24 hours. With a 24-hour trading volume of $28.17 billion, Bitcoin's market cap was at $1.31 trillion. Notably, the token's price recently surged to highs of $67,295.
Among other key updates, the Crypto Fear and Greed Index was at 71, suggesting optimism among traders. However, a 14% decline in futures volume and a 28% drop in liquidations highlighted the potential for market volatility.
While both long and short positions experienced liquidations, with a total of $43.1 million in futures being liquidated, the majority of these, amounting to $26.65 million, affected long positions. This is further reflected in the 24-hour long/short ratio of 0.9539, indicating a preference for short positions.
Moreover, despite the recent price dip, Bitcoin's market dominance increased to 71,32%, indicating strong interest from investors.
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