Bitcoin ETFs Record Over $400M Inflows, $62K BTC Price In Sight?
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Bitcoin ETFs saw over $400 million in inflows this week as bulls picked up the pace igniting price upticks. This comes after outflows the previous week as the price moved below $55,000. Bitcoin ETF remains a major determinant of market sentiment since its approval on Jan 10 by the United States Securities and Exchange Commission (SEC). Bitcoin ETFs Notch Weekly Inflows This week, spot Bitcoin ETFs recorded over $400 million in inflows ending the previous streak of outflows. This took the total number of Bitcoin bought to 6,892 BTC while producing 2,250 coins in the same period. This shows a sharp increase in demand for the crypto market leader as stakeholders set sights on bullish macro events. NEW: 🇺🇸 Spot #Bitcoin ETFs bought 6,892 #BTC this week, while miners only produced 2,250 BTC 👀 pic.twitter.com/p6AtqJ2US8 — Bitcoin Magazine (@BitcoinMagazine) September 14, 2024 At the start of the week, BTC ETFs netted $28.6 million in inflows increasing the tempo the following day to $117 million with further positive results. On Sept 13, these products recorded $263.2 million inflows, the highest number since July 22. The change in fortunes for the asset leader has rippled through the industry leading to an uptick in the market cap. Fidelity’s FBTC saw $102 million in inflows on Sept leading the pack among Bitcoin ETFs while ArkInvest also recorded positive inflows. However, BlackRock’s IBIT showed no total inflows after starting the week in the red zone. After these products turned green following two weeks of net outflows, Matt Hougan, Bitwise CIO backed these funds pointing to massive institutional adoption amid recent talks of reduced optimism. Institutional Adoption Behind Price Recovery This year, Bitcoin ETFs pushed the crypto industry to new highs as traditional investors poured in funds. As expected, the wider market saw gains leading several…
Filed under: News - @ September 14, 2024 11:24 pm