Bitcoin ETF inflows hit $2.22 billion – Everything you need to know!
The post Bitcoin ETF inflows hit $2.22 billion – Everything you need to know! appeared on BitcoinEthereumNews.com.
ETF inflows for the past week were the fourth-highest in its history During this period, BTC’s price crossed $72,000 in an attempt to cross its ATH In recent weeks, Bitcoin’s market has been closely intertwined with the influx of funds into Bitcoin ETFs. October saw significant activity as investor interest in Spot Bitcoin ETFs continued to mount. The ETF flows for the week ending 1 November, in particular, reflected a strongly bullish sentiment, setting a noteworthy trend against previous weeks. Bitcoin ETF’s record-setting inflows in recent weeks Data from Sosovalue revealed that Bitcoin ETF flows for the week ending 1 November saw substantial net inflows of $2.22 billion. This figure is among the highest for 2024 – A sign of strong demand from investors. The market saw higher inflows in mid-March, with figures of $2.57 billion. During the week ending 16 February too, figures of $2.27 billion were recorded. Source: Sosovalue The recent influx is a sign of growing optimism, positioning these product offerings as a preferred option for gaining Bitcoin exposure. This steady stream of capital is a sign of a rise in confidence from institutional and retail investors, potentially creating a solid demand base for BTC in the long term. Price reaction to ETF inflows Bitcoin’s recent price action highlighted the influence of ETF inflows. Over the past week, BTC peaked at $72,724, before slightly retracting to around $68,835.30. This momentum aligned with a hike in ETF investment, suggesting that bullish sentiment from ETFs is influencing Bitcoin’s price. The positive price trend may continue as more capital flows into the market, especially if regulatory conditions remain favorable. Source: TradingView The correlation between Bitcoin’s price and ETF activity seems to indicate that this investment source may contribute to the current market uplift. This response could be an early sign…
Filed under: News - @ November 5, 2024 1:24 am