Bitcoin ETF inflows surge to $235.2 mln – Returning investor interest?
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Bitcoin ETF inflows see renewed vigor, led by Fidelity’s FBTC and BlackRock’s IBIT. Ethereum ETFs experience no new inflows, with declining trading volume on the 7th of October. Despite a slow start to October for spot Bitcoin [BTC] ETFs, the market is showing signs of improvement. According to Farside Investors, BTC ETFs saw notable inflows on the 7th of October, amounting to $235.2 million, marking two consecutive days of positive capital movement. Fidelity’s leads Bitcoin ETF Leading the surge was Fidelity’s FBTC ETF, which recorded the highest inflows, drawing in $103.7 million. Additionally, BlackRock’s IBIT, the largest spot Bitcoin ETF by assets, recorded a solid $97.9 million in inflows, rebounding from zero activity seen on the 4th of October. As expected, Bitwise’s BITB gained $13.1 million, Ark and 21Shares’ ARKB attracted $12.6 million, VanEck’s HODL received $5.4 million, and Invesco’s BTCO captured $2.5 million. However, Grayscale’s GBTC and six other ETFs recorded no new flows on the 7th of October. That being said, the collective trading volume across all 12 ETFs reached $1.22 billion, showing a steady increase from $1.19 billion on the 4th of October and $1.13 billion on the 3rd of October. Balchunas had already anticipated this Remarking on the same, Bloomberg senior ETF analyst Eric Balchunas recently spotlighted IBIT and FBTC as two standout BTC ETFs of the decade. He noted their impressive rise to “stud level” status, each amassing over $10 billion in Assets Under Management (AUM). Balchunas emphasized, Source: Eric Balchunas/X Bitcoin’s price shows bearish momentum Unexpectedly, as Bitcoin ETFs capture increased investor attention, BTC’s price has shown some signs of struggle. Currently trading around $62,497 after a 0.48% drop in the past 24 hours, the cryptocurrency remains shy of its recent $66,000 peak. These developments coincided with a significant legal decision, as the U.S.…
Filed under: News - @ October 9, 2024 3:02 am