Record Inflows Boost Bitcoin ETFs as Institutional Investors Buy the Dip
The post Record Inflows Boost Bitcoin ETFs as Institutional Investors Buy the Dip appeared on BitcoinEthereumNews.com.
The total inflow to the ten U.S. spot Bitcoin ETFs reached a remarkable $310 million last Friday, marking the largest inflow to these products since early June. This trend signifies a sixth consecutive day of positive flows, reflecting substantial institutional investment amid the recent market downturn. According to Farside Investors, the total inflow for the past week has surpassed one billion dollars, with no outflows recorded since July 3rd. Institutional investors are capitalizing on market corrections, loading up on Bitcoin ETFs for the sixth consecutive day, signaling bullish sentiment in response to the recent dip. Record Inflows and Market Sentiment The latest data shows that U.S. Bitcoin ETFs attracted inflows totalling $311 million on July 12, making it the sixth consecutive day of positive fund movement. This pattern indicates that institutional investors are leveraging the recent market correction to increase their Bitcoin exposure. The IBIT fund by BlackRock led this resurgence with $120 million in inflows, followed closely by Fidelity’s FBTC with $115 million. Notably, the IBIT fund has now amassed $18 billion in total inflows since its inception in January. Impact of Institutional Accumulation This trend of significant inflows into Bitcoin ETFs highlights growing institutional confidence in Bitcoin’s long-term value. Eric Balchunas, a senior ETF analyst, described the ongoing accumulation of Bitcoin by funds like IBIT as unprecedented, especially as the asset’s price remains below $60,000 after a recent 20% decline. Balchunas noted that these large acquisitions could provide a foundation for price stability in the future. Global Bitcoin ETF Holdings Reach New Heights HODL Capital reported that Bitcoin ETFs globally now hold over one million BTC, setting a new record high. This equates to approximately 5.3% of the total circulating supply of Bitcoin, a significant proportion suggesting strong institutional faith in the cryptocurrency. Among other funds, the Bitwise…
Filed under: News - @ July 14, 2024 3:26 pm