
Bitcoin Spot ETFs Record $103 Million Daily Inflows after Challenging Week
Bitcoin spot ETFs closed the week with a $103 million daily inflow after facing significant outflows earlier.
Bitcoin spot ETFs closed the week with a $103 million daily inflow after facing significant outflows earlier.
US spot Ethereum ETFs are gaining momentum with total inflows reaching over $800 million in the past week amid the ETH price surge.
The positive sentiment extended to altcoins, with Ethereum reaching $3,100 and Solana crossing $200 for the first time this year
Both Fidelity and Citi will showcase their latest product at the Monetary Authority of Singapore (MAS) booth during the Singapore Fintech Festival 2024 event.
Institutional investors have poured in more than $3 billion in Bitcoin spot ETFs since the first day of October.
The $79 million net outflow on Tuesday reduced the cumulative net inflows of the 12 ETFs to $21.15 billion.
BlackRock’s iShares Bitcoin Trust ETF attracted the majority of Thursday’s inflows of $470million.
Institutional interest in Bitcoin ETFs has intensified, driven by BlackRock’s IBIT fund, which has reported nearly $400 million in a single day.
The flows from both spot Bitcoin and Ether ETFs on Tuesday suggest that unstable Bitcoin prices may have swayed investors.
The divergence in the performance between Bitcoin and Ethereum ETFs underscores the unique market conditions each faces.
Bitcoin price is currently retesting a crucial support level around $60.6k, which must hold to avoid further bleeding in the near term.
According to CoinShares Head of Research James Butterfill, the FOMC’s decision to cut interest rates by 50 basis points last Wednesday played a crucial role in boosting market sentiment.
Fear of further Bitcoin price capitulation in the short term significantly increased amid continued sell-offs from whale investors.
The US semiconductor-related stock prices tumbled in the past 24 hours on reports of regulatory oversight, thus impacting the entire AI-related crypto projects.
This massive exodus of capital suggests that investors are gradually withdrawing from the ecosystem. It also coincides with Bitcoin’s struggles to find a support level.