|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin ETFs Surpass $20B Inflows, Reflecting Growing Market Interest
Oct 19, 2024 at 08:37 pm
The U.S. Spot Bitcoin ETFs collectively reported daily net inflows of $470.48 million on Thursday. In total, the 12 active funds have attracted more than $1.85 billion in net inflows for the week.
The U.S. Spot Bitcoin ETFs collectively reported daily net inflows of $470.48 million on Thursday. In total, the 12 active funds have attracted more than $1.85 billion in net inflows for the week.
“Favorable macroeconomic conditions are [playing] a crucial role; centrally banks around the globe lowering interest rates [are] driving investors toward alternative assets,” explained Rachael Lucas, a crypto analyst at BTC Markets.
Among these ETFs, BlackRock’s IBIT stands out, leading with $309 million in inflows on Thursday, per SoSoValue data. This marks IBIT’s largest weekly inflow since March, reflecting growing market interest. The significant capital drawn by the fund reinforces BlackRock’s leadership in finance and its dedication to expanding cryptocurrency investment options.
In addition to BlackRock, other prominent ETFs have also seen significant inflows. Ark and 21Shares’ ARKB each attracted over $100 million in net inflows on Thursday. Grayscale’s GBTC reported $45.70 million, while Fidelity’s FBTC saw inflows worth $11.69 million. Despite these gains, seven other spot Bitcoin ETFs did not record any new flows during the period.
Overall, the 12 Bitcoin ETFs reported a total trading volume of approximately $1.47 billion on Thursday, a slight decrease from $1.58 billion the previous day. Since their launch in January, these funds have collectively amassed $20.66 billion in net inflows.
On Wednesday, their cumulative inflows surpassed the $20 billion mark, a milestone that Bloomberg’s senior ETF analyst Eric Balchunas described as the “most difficult metric” to achieve in the ETF world. Balchunas noted, “For context, it took gold ETFs about five years to reach [the] same number.”
Spot Ether ETFs also saw notable activity, with net inflows of $48.41 million on Thursday—the largest daily positive flow since September 27. Fidelity’s FETH led these inflows with $31.12 million, followed by BlackRock’s ETHA, which attracted $23.56 million. Other funds like Grayscale’s mini trust, Bitwise’s ETHW, Invesco’s QETH, and 21Shares’ CETH also reported daily net inflows. However, Grayscale’s ETHE experienced $15.74 million in net outflows, the only net negative flow of the day.
The total trading volume for U.S. spot Ether ETFs reached $126.7 million on Thursday. Since their inception, these funds have seen cumulative net outflows of $481.90 million, reversing the negative $686.68 million recorded on September 23. This turnaround indicates a growing interest in Ether-backed ETFs as investors seek diversified exposure to the cryptocurrency market.
Bitcoin’s price reflected the positive sentiment, rising by 2% in the past 24 hours to $68,644, according to Brave New Coin’s Bitcoin Price Index. Ether also saw a modest increase of 0.12%, trading at $2,624. These price movements suggest that the inflows into Bitcoin and Ether ETFs are contributing to bullish trends in the cryptocurrency market.
Augustine Fan, head of insights at SOFA.org, commented on the implications of the strong Bitcoin inflows. “A strong BTC inflow might be a positive sign of things to come as we head into the final weeks of the election campaign, but patience will likely be required before we can make new all-time highs anytime soon,”
Bitcoin reached an intra-day high of $68,190, driven by increasing optimism among investors. The rally is supported by forecasts predicting Bitcoin’s price could surge toward $70,000, bolstered by favorable regulatory developments and political support. Factors such as rising inflation expectations and increased government spending due to geopolitical tensions also contribute to the bullish outlook.
Adding to the momentum is the anticipation surrounding the potential election victory of Donald Trump. His promise to position the U.S. as a global blockchain leader and remove regulatory barriers, including the possible removal of SEC Chair Gary Gensler, has strengthened investor confidence. This political backing is seen as a key factor in reinforcing Bitcoin’s upward trajectory and attracting more investment into cryptocurrency ETFs.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- SPOTTING a rare coin in your change could be a big money-spinner - especially if you spot a 50p featuring a specific animal
- Oct 20, 2024 at 12:25 am
- If you discover a sought-after coin in your change, you can make money on it by selling it on. You could do this through an auction, either online, in person, or through a dealer.
-
- Aptos (APT) Celebrates Two Years of Existence, Highlighting Growth Metrics and Ecosystem Expansion
- Oct 20, 2024 at 12:25 am
- Aptos (APT) has established itself in the broader crypto ecosystem within the past two years. As the blockchain marks its second anniversary, Aptos highlighted four major milestones it has recorded since its launch.
-
- BTC And ETH Forecasts To Rally 3x This Bull Run Trigger Move Of Satoshi-Era Bitcoin Whales And Ethereum ICO Millionaires To ETFS For 6,000x ROI In Q1 2025
- Oct 20, 2024 at 12:20 am
- Satoshi Era Bitcoin whales and Ethereum ICO millionaires headline the news as they massively migrate to the ETFSwap (ETFS) altcoin presale following crypto forecasts