Spot Bitcoin ETFs Achieve Eighth Consecutive Day of Inflows, Totaling Over $202 Million

ByEditorial Staff

In the US, spot Bitcoin exchange-traded funds (ETFs) have seen positive net inflows for eight days running. Just on Monday, these funds have amassed a total of $202.51 million. This pattern suggests that despite recent market volatility, investors are still interested in Bitcoin.

  • BlackRock’s IBIT Fund: Based on statistics from SoSoValue, BlackRock’s iShares Bitcoin Trust (IBIT) attracted $224.06 million, the greatest single-day inflow since July 22. This was the largest contributor to the inflows.
  • Muted Activity in Other Funds: Another location In contrast to BlackRock, the activity of Bitcoin ETFs has been very sluggish. The modest positive flows for Franklin Templeton’s EZBC and WisdomTree’s BTCW were $5.52 million and $5 million, respectively. But the largest outflows were from Bitwise’s BITB, which lost $16.61 million, Fidelity’s FBTC, which lost $8.33 million, and VanEck’s HODL, which lost $7.18 million.
  • Trading Volume Trends: Spot Bitcoin ETF trading volume on Monday was $1.2 billion, a significant decrease from the $3.12 billion recorded the Friday before, indicating a return to more normal trading levels. These funds have received net inflows of $18.08 billion since their launch in January.
  • Ether ETFs Struggle: On the other hand, U.S. spot Ether ETFs have encountered difficulties, recording their ninth day in a row of net outflows. $13.23 million was taken out on Monday, with Grayscale’s ETHE accounting for the majority of the withdrawal ($9.52 million)..
  • Market Sentiment: At the time of reporting, Ether was down 2.26% to $2,689 and Bitcoin was down 1.54% to $63,077, reflecting a generally pessimistic outlook on the cryptocurrency market..

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Crypto Investment Products Overview

Most of the money has been deposited into digital asset investment products in five weeks, amounting to $533 million last week. This increase came after Jerome Powell made some inauspicious statements at the Jackson Hole Symposium, raising the possibility of an interest rate drop in September.

With $498 million, the United States was the top recipient of inflows, followed by Hong Kong with $16 million and Switzerland with $14 million. Germany, on the other hand, has seen little withdrawals totaling $9 million so far this year.

Read More: Trump’s Reversal on Cryptocurrency From Doubt to Adoption by 2024

With $543 million in inflows, Bitcoin garnered the greatest attention. This was especially true following Powell’s dovish remarks, which highlighted Bitcoin’s susceptibility to expectations for interest rates. Despite ongoing inflows from new issuers, Ethereum had withdrawals of $36 million last week. The Grayscale Ethereum Trust offset this with outflows of $118 million.

$13.228 million was the total net outflow of Ethereum spot ETF as of August 26. Grayscale ETF ETHE’s net outflow was $9.5189 million, and it has a $2.542 billion history outflow as of right now. The Ethereum spot ETF has a total net asset value of $7.457 billion, and the August 27, 2024 Wu Blockchain (@WuBlockchain)

FAQs

What does the recent inflow trend for Bitcoin ETFs indicate?

Even in times of market turbulence, investors appear to have a significant and growing interest in Bitcoin, based on the steady inflows.

Which fund contributed the most to the recent inflows?

The best-performing asset was BlackRock’s iShares Bitcoin Trust (IBIT), which had $224.06 million in inflows on its biggest day since July.

How have Ether ETFs performed recently?

U.S. spot ether ETFs have been struggling, with net outflows occurring for the eighth day in a row. Grayscale’s ETHE has seen the most withdrawals.

What factors influenced the recent surge in digital asset investment products?

Jerome Powell’s comments about possible interest rate reductions, which have historically had a beneficial effect on cryptocurrency markets, lifted investor confidence. Keep up with the most recent developments as the Bitcoin scene changes!

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