The post ETFs set for record 2024 — but how are Bitcoin funds doing? appeared on BitcoinEthereumNews.com.

Exchange-traded funds have bucked the trend with higher-than-average volumes in August — yet Bitcoin ETFs suffered extensive outflows towards the end of the month. New figures show that there was an insatiable appetite for exchange-traded funds in August — despite the summer being a traditionally sleepy month in the financial world. According to BlackRock, net inflows rocketed to $129.7 billion last month, meaning the bustling sector is well on track to exceed the annual record of $1.3 trillion set back in 2021. The launch of Bitcoin ETFs back in January has been something of a success story, with the latest figures showing that major U.S. funds now hold 4.58% of BTC’s total market cap.  And BlackRock’s iShares Bitcoin Trust is the leader of the pack here, with $20.56 billion in assets under management. But BTC ETFs have faced plenty of turbulence in recent weeks — with the market racking up eight consecutive days of outflows from August 27 to September 6. That coincided with the world’s biggest cryptocurrency tumbling to lows of $52,598.70, with some doomsayers predicting that a prolonged dip below $50,000 was a possibility. Source: sosovalue.xyz Zooming out, and it’s undeniable that jitters surrounding the state of the U.S. economy are to blame for the recent tepid performance of BTC ETFs. Although inflation has now fallen to 2.5% — not far from the Federal Reserve’s target of 2% — “anemic” jobs numbers have left some traders fretful that a recession may be round the corner. The Bank of England and the European Central Bank have already moved to cut interest rates, but we’re yet to see whether Fed Chairman Jerome Powell will follow suit next week. According to the CME FedWatch Tool, which tracks sentiment among interest rate traders, there’s an 85% chance of a 25 basis point…

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Filed under: News - @ September 13, 2024 11:20 am