- BlackRock’s iShares Bitcoin Trust leads 2024 with $21B inflows, setting a new benchmark in crypto ETF performance.
- Ethereum ETFs rise, with iShares Ethereum Trust ETF surpassing $1B in net inflows as of August 2024.
- Bitcoin’s price volatility persists, yet forecasts suggest a potential rally to $100K following anticipated Fed rate cuts.
Cryptocurrency exchange-traded funds (ETFs) have been revolutionary in 2024’s financial developments, accounting for a sizable share of the year’s major ETF launches. These funds have not only emerged in large numbers but have also benchmarked inflow charts, says Nate Geraci, the President of The ETF Store, an investment advisory firm focused on ETFs.
Leading Performers in Crypto ETFs
At the top of the list, BlackRock’s iShares Bitcoin Trust (IBIT) has demonstrated remarkable performance with nearly $21 billion in net inflows. This is followed by Fidelity Wise Origin Bitcoin Fund (FBTC), which has garnered almost $10 billion.
Other noteworthy funds include ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF Trust (BITB), each attracting approximately $2 billion in net inflows. The iShares Ethereum Trust ETF (ETHA) has also made significant strides, particularly among Ethereum-based products, amassing over $1 billion in net inflows and achieving this milestone in August, per Morningstar data.
Dave LaValle, Grayscale’s global head of ETFs, emphasized the dynamic expansion of this sector during a recent discussion. He pointed out the planned entries like Solana ETFs and the Hashdex Nasdaq Crypto Index ETF, which await regulatory approval. These developments could reshape the investment landscape by broadening the exposure options available to seasoned and novice investors.
Price Movements and Economic Influences
Despite soaring inflows, Bitcoin has experienced price volatility, fluctuating between $58,000 and $60,000. However, economist Market Maestro predicts a potential rally towards $100,000, possibly due to the upcoming Federal Reserve interest rate decisions, which could significantly impact Bitcoin’s price if cut on September 18.
Market Maestro has identified several technical patterns that suggest a bullish outlook for Bitcoin. He points to structures like the “cup and handle” and “head and shoulders” formations on Bitcoin’s weekly chart, indicating possible upward movement.
Furthermore, Bitcoin’s interaction with key Fibonacci retracement levels has been pivotal. Expectations are that the price will dip significantly to $49,500 during the manipulation phase before a robust recovery.
The post Bitcoin and Ethereum ETFs Lead Record Inflows in Investment Landscape appeared first on Crypto News Land.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed