Bitcoin ETFs see biggest inflows in a month amid positive streak – DiarioBitcoin
By Hannah Perez
Bitcoin spot ETFs are showing signs of recovery, with inflows of over $200 million for two consecutive sessions, something not seen since early June.
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- Bitcoin spot ETFs marked their third day of inflows on Tuesday worth USD $216 million
- Monday’s arrivals, which extended from last Friday, were the highest in a month
- Bitcoin recently dipped below $55,000, but is now recovering
Exchange-traded funds (ETFs) Bitcoin US spot market currencies are seeing signs of recovery despite persistent price turmoil in the crypto market.
The 11 ETFs with direct exposure to Bitcoin In the US, net capital inflows of USD $216 million registered their third consecutive session on Tuesday, after seeing the biggest inflow in a month of USD $295 million on Mondayaccording to data from SoSoValueThis was after they closed on Friday with a daily income of USD $143 million.
Inflows to the fund group had cooled over the past few weeks, following a prolonged streak of outflows seen in June. In particular, inflows for the week of June 25, while persisting for several days, were lower than daily inflows on Monday. The last similar daily inflow was on June 6 for USD $217.7 million.
IBIT, the ETF of Bitcoin in cash of BlackRockdominated on Tuesday with an inflow of USD $121 million, followed by FBTC, the product of Fidelitywith USD $91 million, according to data from Farside Investors. The funds of Ark Invest and VanEck They also recorded inflows, although smaller, of USD $43 and USD $3.3 million, respectively.
GBTC’s daily departures of Grayscale and BITB of Bitwise The $37.5 and $4.7 million ETFs dented the group’s overall inflow on Tuesday. Meanwhile, the rest of the ETFs remained neutral during the session, with no inflows or outflows recorded on the day.
On Tuesday, a total of USD $1.19 billion was traded in the ETFs of Bitcoin American cash, noted The Block. To date they have accumulated a total net inflow of USD $15,274 million, according to Farside.
Bitcoin faces turmoil
Recent inflows for ETFs come amid bearish price action for Bitcoinwhich over the weekend sank below USD $55,000 reaching its lowest price in five months. Various factors such as payments of Mt. Goxalleged German government sales and the economic outlook in the US have been exerting downward pressure.
On Tuesday, Bitcoin The U.S. economy showed some signs of recovery after U.S. Federal Reserve Chairman Jerome Powell delivered a prepared speech on the inflation outlook. Powell acknowledged an improvement in the U.S. economy, expressing confidence that inflation is on track to meet the central bank’s 2% target.
The statements by the head of the monetary authority seemed to provide new hope for an upcoming and much-awaited interest rate cut, which investors expect to take place in September. Investors are awaiting key economic data from the US later this week, which could be decisive for the price development of the crypto market in the short term.
Bitcoin (BTC) hovers around USD $58,400 At the time of publication, this was up 1.8% on the day, though still down 3% from a week ago, according to data from CoinMarketCap.
Article by Hannah Estefanía Pérez / Bitcoin Diary
Picture of Unsplash
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be appropriate for retail investors, as the total amount invested could be lost. Check the laws of your country before investing.
