US Bitcoin ETFs See $240 Million Inflows, Ending a Six-Day Outflow Trend
The US spot Bitcoin exchange-traded funds (ETFs) experienced a significant influx of $240 million on Thursday, marking the end of a six-day period of net outflows. This positive turn in investor sentiment comes as Bitcoin's price has been on a downward spiral, falling approximately 7% in the past week to trade at $101,919. The Block's price page reports that Ethereum has also slipped 1.2% to $3,345 over the same period.
The surge in inflows was led by BlackRock's IBIT ETF, which attracted $112.4 million, followed by Fidelity's FBTC with $61.6 million and Ark & 21Shares' ARKB with $60.4 million. Bitwise's BITB also saw $5.5 million in new investments. The total trading volume for these spot Bitcoin ETFs yesterday was $4.77 billion, a notable increase from the previous day's $4.07 billion.
This positive trend in Bitcoin ETFs comes at a time when the cryptocurrency market has been facing challenges. Despite the recent price drops, analysts at JPMorgan predict that Bitcoin could climb to around $170,000 over the next six to 12 months, based on its volatility-adjusted comparison to gold. This optimistic outlook might be influencing investors to re-enter the market.
Additionally, spot Ethereum ETFs in the US reported $12.5 million in net inflows yesterday, ending a six-day streak of outflows. The Block, an independent media outlet, emphasizes its commitment to delivering objective and timely information about the crypto industry, with no conflicts of interest that could influence its reporting. As of November 2023, Foresight Ventures, a majority investor of The Block, has no direct involvement in the crypto exchanges mentioned in this article.
