October 9th, 2024
The outflows from US spot Bitcoin ETFs come at a time when Bitcoin itself is struggling with its price.
Presently, GBTC is struggling to find its standing and return to its previous level of relevance among investors.
So far in 2024, US spot Bitcoin ETFs have had $17.95 billion flow into them.
Bitcoin traders who anticipated further bullish trends based on last week’s dovish comments from the US Federal Reserve were liquidated earlier today.
Despite the heightened selling pressure from short-term Bitcoin holders, Jamie Coutts anticipates BTC price to flip at least $100K by the end of the year.
The eight-day streak in net inflows is a strong indicator that investors are increasingly viewing Bitcoin ETFs as a strategic addition to their portfolios.
This was the highest net inflow recorded by the funds in a single day since July 23.
Bitcoin has made a comeback, especially after falling below $50,000 in the first week of August.
The inflows into spot BTC ETFs have been very volatile throughout the month of August so far with net inflows turning slightly positive this week due to BlackRock’s IBIT.
The Fed’s FOMC minutes on Wednesday signaled a high chance of interest rate cut next month, which is considered bullish for Bitcoin and the entire crypto market.