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Cryptocurrency News Articles
US Bitcoin ETFs Post Nearly $500 Million In A Single Day, Ethereum Counterparts Record Second Positive Week Ever
Sep 29, 2024 at 05:00 pm
The positive investor sentiment surrounding the spot ETFs seems to have also bubbled into the Bitcoin and the general crypto market, which has recovered well from an early price slump in September.
The market performance of the spot Bitcoin exchange-traded funds (ETFs) in the United States continued to impress in the last few weeks. Continuing their strong run, the crypto investment products closed the previous trading week with their best single-day performance in almost four months.
The positive investor sentiment surrounding the spot ETFs also appeared to extend into the Bitcoin and broader crypto market, which recovered from an early price slump in September.
US Bitcoin ETFs Post Nearly $500 Million in a Single Day
On Friday, September 27, the US spot Bitcoin ETF market recorded a total net inflow of $494.27 million, marking the highest value since the $886 million capital influx on June 4. This capped another strong day for the crypto-linked products, which had seen over $365 million in net inflows barely 24 hours earlier.
According to data from SoSoValue, Ark Invest and 21Shares’ ARKB led the day with an inflow of $203 million, while Fidelity’s FBTC followed in second place with a $124 million influx. In a seeming resurgence, BlackRock’s IBIT came in third with a net inflow of over $110 million.
Meanwhile, Grayscale Bitcoin Trust (GBTC) saw a rare positive day, with $26.15 million flowing into the product. This value, unsurprisingly, represents the fund's highest capital influx since mid-May, reflecting the level of redemption it has experienced since the spot Bitcoin ETFs launched.
As a result of Friday’s performance, the total weekly net inflows for the BTC exchange-traded funds rose to a remarkable $1.11 billion. This billion-dollar showing makes it the third consecutive week in which the US-based spot Bitcoin ETFs recorded a cumulative weekly net inflow.
Spot Ethereum ETFs Record Second Positive Week Ever
The strong performance of the Spot Bitcoin ETFs appeared to inspire its Ethereum counterpart, as the ETH funds posted their second positive trading week since launch. The Ethereum ETFs registered a cumulative net inflow of more than $84.51 million in the past week.
On Friday, the total net inflow of spot Ethereum ETFs stood around $58.6 million. Data from SoSoValue shows that Fidelity’s FETH led with a capital influx of $42.5 million, with BlackRock’s ETHA in second with $11.46 million.
iShares Ethereum ETF eclipses $1bil in assets…Now in top 20% of all 3,700+ ETFs.Did this is 2 months. pic.twitter.com/iRWaxkjZxl
— Nate Geraci (@NateGeraci) September 28, 2024
In a post on X, ETF expert Nate Geraci mentioned that the BlackRock Ethereum ETF had crossed the $1 billion mark in terms of assets. Noting that this feat was achieved in two months, Geraci revealed that ETHA is now in the top 20% of over 3,700 ETFs in the United States.
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- Bitcoin (BTC) Nears $70K as Focus Shifts to Labor Market, ETH Navigates Mixed Signals
- Sep 29, 2024 at 09:00 pm
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- Former Chinese Finance Minister Lou Jiwei Urges Policymakers to Examine Crypto Advancements
- Sep 29, 2024 at 09:00 pm
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- Bitcoin (BTC) Climbs Above $65,000, Eyes $70,000 Next; Ethereum (ETH) and Ripple (XRP) Await Their Moves
- Sep 29, 2024 at 09:00 pm
- The cryptocurrency market has been buzzing with activity, led by Bitcoin (BTC) surpassing the $65,000 mark. Ethereum (ETH) is showing signs of an upcoming rally, while Ripple (XRP) finds itself stuck in a range, struggling to break out. This article will dive into what the future could hold for these top three digital currencies.
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- Cardano (ADA) Price Analysis: TD Sequential Indicator Flashes Sell Signal, Suggesting Upcoming Correction
- Sep 29, 2024 at 08:30 pm
- ADA has exploited the cryptocurrency market rebound following Fed rate cuts last week. Since hitting a local low of $0.303 earlier this month, ADA has maintained an upward momentum.
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- Lunex Network (LNEX) Emerges as a New DeFi Competitor as Tron (TRX) and Ethereum (ETH) Battle for Dominance
- Sep 29, 2024 at 08:25 pm
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