Spot Bitcoin ETFs Experience Robust Inflows as Bitcoin Price Surges Past $65,000

Cryptonews Economy Omar El-Sharif October 15, 2024

Spot Bitcoin ETFs Experience Robust Inflows as Bitcoin Price Surges Past $65,000

Spot Bitcoin ETFs recorded a second day of inflows totaling $555.86 million, coinciding with Bitcoin’s price surpassing $65,000. Fidelity’s FBTC led the inflows, while Grayscale’s GBTC also saw a resurgence in interest. Ether ETFs posted inflows as well, signaling an overall positive sentiment in the cryptocurrency market.

Spot Bitcoin exchange-traded funds (ETFs) have enjoyed a second consecutive day of positive inflows, reflecting a strengthened interest from investors as the price of Bitcoin ascended past $65,000. This surge in Bitcoin’s value, which reached a peak of $66,435 before stabilizing at $65,350, represents the highest level observed in two weeks, according to data from CoinMarketCap. The inflows into these funds, amounting to hundreds of millions of dollars, may have played a pivotal role in reinforcing Bitcoin’s upward trajectory amid mixed market reactions to China’s recent stimulus measures and Vice President Kamala Harris’ commitment to establishing a regulatory framework for cryptocurrencies. On Monday, spot Bitcoin ETFs witnessed a substantial total net inflow of $555.86 million, marking the largest daily inflow since June 4, when inflows reached $886.75 million. The trading volume for these ETFs also increased significantly, rising to $2.61 billion from $2.06 billion on the preceding Friday. Fidelity’s FBTC was the primary beneficiary of these inflows, attracting $239.25 million, followed by Bitwise’s BITB with $100.2 million, BlackRock’s IBIT with $79.51 million, and Ark Invest and 21Shares’ ARKB which pulled in $69.79 million. In a noteworthy development, Grayscale’s GBTC experienced its first inflow in ten days, garnering $37.77 million. Other notable funds such as VanEck’s HODL, Franklin Templeton’s EZBC, Invesco’s BTCO, and Valkyrie’s BRRR collectively achieved a net daily inflow of $24.6 million. Conversely, Grayscale’s lower-fee exposure BTC attracted $4.68 million; however, WisdomTree’s BTCW and Hashdex’s DEFI faced challenges, posting no inflows on Monday. In comparison to Bitcoin ETFs, Ether ETFs also saw a positive trend on October 14, with a net inflow of $17.07 million, their highest amount since September 27. Leading the Ether funds was BlackRock’s ETHA, which drew in $14.31 million, followed by Fidelity’s FETH, Invesco’s QETH, and 21Shares’ CETH, which brought in $1.31 million, $1.05 million, and $393,690 respectively.

The rise of spot Bitcoin ETFs has emerged as a significant development in the cryptocurrency market, providing investors a regulated avenue to gain exposure to Bitcoin. With increasing institutional interest and the recent price surge surpassing $65,000, these funds have witnessed considerable inflows, indicating a renewed confidence among investors. Factors such as global market dynamics, regulatory discussions including those initiated by U.S. officials, and international developments in China contribute to the fluctuating investor sentiment in this evolving financial landscape.

In summary, the recent uptick in inflows to spot Bitcoin ETFs underscores a growing confidence among investors, coinciding with Bitcoin’s price surpassing $65,000. As market conditions fluctuate and regulatory frameworks are discussed, these ETFs serve as a pivotal point of investment in the cryptocurrency sector. The contrasting trends in Bitcoin and Ether ETF inflows further exemplify the shifting preferences of investors in this digital asset space.

Original Source: dailycoin.com