The post ETFSwap (ETFS) Records Massive Demand Surge Amid Spot Bitcoin ETFs Inflows appeared on BitcoinEthereumNews.com.

The price of Bitcoin (BTC) has continued to remain on a downward trend despite recent inflows of over $654 million into Spot Bitcoin ETFs in just three days. While the new inflows have not had any noticeable impact on BTC, ETFSwap (ETFS), a decentralized platform, has benefited immensely from the influx of capital into Spot Bitcoin ETFs, witnessing increased demand from investors aiming to capitalize on tokenized ETF trading.  Spot Bitcoin ETFs Record $654 Million In BTC Inflows  Spot Bitcoin ETFs have recorded a substantial increase in inflows recently, with data from Farside showing a total net inflows of $654 million from July 5 to July 9. Particularly on July 9, Spot Bitcoin ETFs experienced the highest inflows since the beginning of the month, witnessing a total net flow of $294.6 million. While this substantial influx of capital may reflect the possible long-term sustainability of Spot Bitcoin ETFs, it has had no effect on the price of BTC. Since the beginning of June, BTC has been trading sideways, recording multiple declines as demand for the cryptocurrency dropped.  Earlier this July, Bitcoin (BTC) crashed significantly, triggered by selling pressures from BTC miners and the German government. Additionally, speculations regarding potential sell-offs driven by Mt Gox’s massive BTC repayment plans have also had a significant impact on BTC’s price.  Although many analysts believe that Spot Bitcoin ETFs could catalyze BTC’s rise to new all-time highs, the heightened market volatility and unfavourable conditions have hindered cryptocurrency’s market performance. As of writing, BTC is trading at $57,539, reflecting a 14.4% decline over the past month, according to CoinMarketCap.  ETFSwap (ETFS) Records Massive Demand Surge Amid Spot Bitcoin ETFs Inflows ETFSwap (ETFS) has witnessed an exponential rise in investor demand as inflows in Spot Bitcoin ETFs heat up. Following the launch of Spot Bitcoin ETFs,…

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Filed under: News - @ July 16, 2024 9:22 pm