The spot Bitcoin ETFs have once again gained considerable traction today, recording noteworthy inflows. Grayscale’s Mini BTC Trust ETF has notably led the pack with a whopping $191 million influx. Meanwhile, the spot Ether ETFs continued to encounter market turbulence, with Grayscale’s ETH ETF conversely recording continued outflows. Whilst, BTC saw quite the volatility in the interim, sparking further discussions.

Bitcoin ETFs Record Millions In Inflows

Data by FarsideUK indicates that the spot Bitcoin ETFs recorded $50.6 million in inflows as of August 1. Grayscale’s new mini BTC ETF, boasting the lowest trading fees, recorded a whopping $191.1 million in inflows. Simultaneously, BlackRock’s IBIT registered $25.9 million in inflows as of the same date.

However, Fidelity’s FBTC recorded $48.4 million in outflows, further accompanied by Bitwise’s BITB $20.7 million, Ark 21Shares’ ARKB $22.4 million. However, Grayscale’s GBTC witnessed $71.3 million outflows owing to exorbitant 1.5% fee. GBTC price traded at $50.53 in pre-market trading today, a slip of 2.96% at close.

Besides, t’s also worth mentioning that Grayscale’s Ethereum ETF (ETHE) saw $78.8 million in outflows as of August 1, pushing the total outflows to over $2 billion. Nonetheless, a potential shift in market sentiment might be looming as the ETHE outflows appear to be slowing down.

Also Read: Kamala Harris Campaign Makes First Move For Pro-Crypto Shift

BTC Price Volatility Despite ETF Inflows

Meanwhile, BTC has encountered quite the turbulence over the past day despite inflows in Bitcoin ETFs. BTC price traded at $64,352 today, up slightly by 0.09%. Its 24-hour lows and tops are $62,248.94 and $65,593.24, respectively.

The recent volatile movement comes against the backdrop of massive $2.5 billion liquidations as BTC slipped below $63,000. However, on-chain data also spotlights significant accumulations over the past day. Also, 37,000 Bitcoin options expiry is scheduled for today, increasing uncertainty.

Besides, it’s worth mentioning that Microstrategy announced plans to file for a $2 billion equity offering to buy more Bitcoin, igniting optimism over future movements. Also, Coinbase beat its Q2 earnings estimates, offering further bullishness to the crypto industry and related financial products.

Intriguingly, institutional interest in Bitcoin also saw a notable increase in Q2 this year, as spotlighted by market data revealing institutions’ BTC holdings. Mercado Libre and BNY Mellon, among many other renowned institutions, revealed exposure to Bitcoin in recent 13F filings, stirring further optimism.

Also Read: Crypto Prices Today August 2: Bitcoin at $64K, Altcoins Witness Mixed Trends

The post Bitcoin ETF Inflows Surge As Grayscale Mini Trust Sees $191M Influx appeared first on CoinGape.

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Filed under: News - @ August 2, 2024 8:00 am