Bitcoin Hits $66,000 Amid Eighth Day of Inflows into US Bitcoin ETFs
US spot Bitcoin ETFs saw a net inflow of $422 million yesterday, the highest since early June, extending the winning streak for an eighth consecutive session.
US Bitcoin ETFs See Highest Net Capital Inflow in Six Weeks
Exchange-traded funds (ETFs) based on Bitcoin US spot currencies recorded their highest net capital inflow in six weeks on Tuesday amid bullish action in the cryptocurrency market. The 11 ETFs based on Bitcoin US cash markets closed Tuesday with a daily inflow of $422 million, marking their eighth consecutive session of net capital inflows.
ETFs with Direct Exposure to Bitcoin Extend Positive Streak
ETFs with direct exposure to the world’s largest cryptocurrency have been extending their positive streak amid a surge in market prices that recently saw Bitcoin reach its highest level in a month. Bitcoin (BTC) hit a price of $66,000 on Tuesday, and while it has corrected since then, it still maintains a weekly gain of 10%.
IBIT Dominates Tuesday with $260.2 Million Inflow
IBIT, the ETF of Bitcoin in cash of BlackRock, dominated Tuesday with a take of $260.2 million, also the biggest for the product in six weeks. Fidelity and Ark Invest followed with respective revenues of $61 million and $28 million, according to data from SoSoValue.
Other ETFs Also Experience Positive Flows
The funds of Bitwise, Invesco, VanEck, Franklin Templeton, and Valkyrie also experienced positive flows in yesterday’s session of $17.3 million, $20.5 million, $22 million, $9.4 million, and $2.2 million, respectively. The rest of the ETFs, including GBTC of Grayscale, remained neutral, with no net daily inflows or outflows, while none faced outflows.
ETF Group of Bitcoin US Spot Market Sees Three Consecutive Days Without Outflows
The ETF group of Bitcoin US spot market has now gone three consecutive days without any outflows and has accumulated a total net inflow of $16.5 billion since its debut in January.
Wait for Official Launch of Ethereum ETFs in Cash
The continuation of the inflow streak for ETFs comes amid the wait for the official launch of the first exchange-traded funds of Ethereum in cash on the local market. Managers such as BlackRock, Grayscale, and Fidelity are finalizing details for the official stock market debut, which is reportedly expected next week.
Bitcoin Trading at $64,700
Bitcoin is trading at a price of $64,700 at the time of publication of this article, with a daily gain of 1.6%, according to data from CoinMarketCap. The rest of the cryptocurrency market is following the bullish movement, with global capitalization up 1.7% in the last 24 hours.
WARNING
This is an informative article. 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.