US Bitcoin ETFs see largest single-day inflow since late July, Bitcoin climbs past $60,000
The post US Bitcoin ETFs see largest single-day inflow since late July, Bitcoin climbs past $60,000 appeared on BitcoinEthereumNews.com.
Key Takeaways US Bitcoin ETFs experienced the largest inflow since late July with over $263 million in a single day. Bitcoin’s price increase coincides with huge ETF investments, peaking over $60,000. Inflows into US spot Bitcoin exchange-traded funds surged on Friday, with net buying topping $263 million, the largest single-day inflow since July 22. The strong performance returned on a day that saw Bitcoin jump above $60,000, registering a 12% increase in a week, per TradingView. According to data from Farside Investors, investors poured around $102 million into Fidelity’s Bitcoin (FBTC), bringing the fund’s weekly gains to approximately $218 million. Source: Farside Investors FBTC made a strong comeback and led the group this week after suffering two consecutive weeks of negative performance. During the stretch, around $467 million was drained from the fund. ARK Invest/21Shares’ Bitcoin Fund (ARKB) followed FBTC, ending Friday with around $99 million in net capital. Other competing Bitcoin ETFs managed by Bitwise, Franklin Templeton, Valkyrie, VanEck, and Grayscale also experienced positive inflows. Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT), WisdomTree’s Bitcoin Fund (BTCW), and Grayscale’s Bitcoin Mini Trust (BTC) saw zero flows. IBIT’s recent performance has been lackluster, with no inflows observed on almost every trading day over the past two weeks. The fund even experienced net outflows on two separate days during this period, August 29 and September 9. Since its launch, IBIT has recorded a total of three days of net outflows. With Friday’s massive gains, US spot Bitcoin ETFs closed the week with over $400 million in net inflows. The positive sentiment extended beyond US Bitcoin funds, as the broad crypto market also experienced a green day. Bitcoin (BTC) surged from $54,300 on Monday to $60,600 yesterday. The flagship crypto now settles around $60,200, according to TradingView’s data. Ethereum (ETH) jumped 8% to $2,400…
Filed under: News - @ September 14, 2024 6:17 am