Bitcoin ETF Inflows Slow as Market Prepares for Upcoming Election and Price Volatility
The post Bitcoin ETF Inflows Slow as Market Prepares for Upcoming Election and Price Volatility appeared on BitcoinEthereumNews.com.
Recent trends indicate a cooling market for Bitcoin ETFs, which had garnered nearly $3 billion in inflows within just six trading days. Although Bitcoin ETFs have shown significant growth, the latest figures reveal that the upward momentum may be losing steam. According to CoinGlass, BlackRock’s iShares Bitcoin Trust reported substantial inflows, yet most other funds experienced notable outflows. As Bitcoin ETF inflows decline after a record surge, market reactions and job report implications signal a cautious outlook for crypto investors. Bitcoin ETF Inflows Slow Down Amid Mixed Market Reactions In a striking shift from the vibrant inflows earlier this month, Bitcoin ETFs have recently observed a significant decrease in investor interest. After attracting almost $3 billion over the initial six trading days of October, contributions dwindled to just $31.3 million as reported by CoinGlass for the closing day of “Uptober.” This dramatic shift in momentum raises questions about future investor sentiment in the cryptocurrency realm. The Influence of BlackRock’s iShares Bitcoin Trust Despite the overall decline in Bitcoin ETF inflows, BlackRock’s iShares Bitcoin Trust (IBIT) was a notable exception, achieving an inflow of approximately $317 million on the latest trading day. This substantial figure, while impressive, contrasts sharply with the outflows reported by fellow ETFs. Only the Valkyrie Bitcoin Fund (BRRR) managed to report a marginal net positive of $1.9 million in contributions, indicating a cautious withdrawal of funds from most ETFs in the space. Bitcoin Approaches Key Milestone Amid Volatile Price Movements This week, Bitcoin ETFs collectively surpassed an important benchmark, accumulating over 1 million BTC. This figure is now in close range of the 1.1 million BTC believed to be held in the wallet of Bitcoin’s elusive creator, Satoshi Nakamoto. As of the latest trading data, the price of Bitcoin has rebounded, hovering around $71,150, marking a 0.5%…
Filed under: News - @ November 1, 2024 3:24 pm