Bitcoin ETFs Surge with $252M Inflows, Marking Largest Uptick in Over a Month

News

  • Bitcoin ETFs netted $252M inflow, the highest in over a month, marking seven consecutive days of gains across major funds.
  • BlackRock’s IBIT saw $86.83M inflow, while Grayscale’s GBTC ETF lost $35.55M amid overall rising interest in Bitcoin ETFs.
  • Bitcoin ETFs in Hong Kong surpassed HK$2 billion, driven by a 5.9% weekly increase in total holdings to 4,450 BTC.

Bitcoin exchange-traded funds (ETFs) experienced a substantial inflow of capital yesterday, with $252 million flowing in, marking the highest daily inflow in over a month. This marked the seventh consecutive day of net inflows, continuing a positive trend for the cryptocurrency market. Notably, Grayscale ETFs saw mixed results, with Grayscale’s mini BTC ETF gaining while the larger GBTC fund witnessed an outflow.

https://twitter.com/BitcoinMagazine/status/1827293117046722924

Inflows Across Major Bitcoin ETFs

Several major Bitcoin ETFs contributed to this uptick. BlackRock’s IBIT fund saw an inflow of $86.83 million, while Fidelity’s FBTC fund recorded $63.99 million. Additionally, Grayscale’s mini Bitcoin ETF registered $50.83 million in inflows, even as its larger counterpart, GBTC, experienced a $35.55 million outflow. Despite this, the total asset value for Bitcoin ETFs remains robust, highlighting investors’ continued interest in the sector.

Bitcoin Price and Market Performance

Alongside these inflows, Bitcoin’s price increased by 5.14%, reaching $64,203.08 at press time. This surge in price coincided with a rise in the 24-hour trading volume, which reached $42.58 billion, a 77.29% increase. 

The volume-to-market-cap ratio climbed to 3.38%, indicating heightened market activity. Bitcoin’s market capitalization stands at $1.27 trillion, with 94.02% of the total supply in circulation.

Hong Kong’s  Bitcoin ETFs 

In Hong Kong, the total asset management scale for Bitcoin ETFs has surpassed HK$2 billion ($256 million), driven by inflows of approximately 247 BTC this week. 

The total holdings of these ETFs have grown to around 4,450 BTC, reflecting a 5.9% weekly increase. The strength of these inflows indicates rising investor confidence in Bitcoin-backed ETFs and the broader cryptocurrency sector.

The post Bitcoin ETFs Surge with $252M Inflows, Marking Largest Uptick in Over a Month appeared first on Crypto News Land.

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