How ETF Inflows Affect BTC Price
The post How ETF Inflows Affect BTC Price appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) price depicts increasing uncertainty, but positive ETF inflows could augment the uptrend this weekend. As sentiment improves following positive inflation data based on the US CPI report, widespread gains are expected across top altcoins like Solana (SOL) and Ethereum (ETH). Bitcoin Price Market Movers: BTC ETF Inflows Continue, BlackRock Flips Grayscale, Options Volume Spikes Bitcoin price held firmly above $58,000 in the wake of positive ETF inflows, as per SoSoValue data. Investors steadied their risk appetite, pumping Bitcoin ETFs with $11.11 million in daily total net inflow. Combined, the 12 ETF operators account for $17.33 billion of the cumulative total network. Bitcoin ETF inflows will continue bolstering the bullish outlook. Bitcoin ETFs stats | SoSoValue BlackRock’s ETF comprising IBIT and ETHA has consistently outperformed other products, with its latest net positive streak toppling funds managed by Grayscale for the first time ever. According to Arkham, a blockchain data research company, BlackRock boasts $21.21 billion in managed ETF assets compared to Grayscale’s $21.2 billion held in GBTC, BTC Mini, ETHE, and ETH Mini. BLACKROCK ETF HOLDINGS OVERTAKE GRAYSCALE FOR THE FIRST TIME BlackRock’s ETFs IBIT and ETHA have just overtaken Grayscale’s ETFs GBTC, BTC Mini, ETHE and ETH Mini in on-chain holdings. Blackrock ETFs now have the largest collective holdings of any provider. BlackRock ETF… pic.twitter.com/PB41LEGc97 — Arkham (@ArkhamIntel) August 16, 2024 While positive Bitcoin ETF volume is a positive factor for BTC price, mixed signals from the derivatives market may impede short-term growth. Bitcoin price futures open interest contracted by 2% to $29.41B, while options open interest shed 4.32% to $20.19B on Coinglass. Despite this, trading volume surges 28% to $74.91B. Remember, increasing volume with declining open interest (OI) and options OI hint at a potential market top or distribution phase for Bitcoin. This could lead to increased…
Filed under: News - @ August 17, 2024 12:25 am