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Bitcoin ETFs See Rebound as $91.5 Million Flows In After Four-Day Slump
After a dramatic four-day period of outflows, U.S. Bitcoin exchange-traded funds (ETFs) have seen an unexpected turnaround with a net inflow of $91.5 million in the latest data released by SoSoValue. The sudden change in investor sentiment marks a significant shift in the market’s trajectory.
BlackRock’s iShares Bitcoin Trust (IBIT) led the charge, with a staggering $42 million influx, followed closely by Bitwise’s BITB with an inflow of $26.4 million and Grayscale’s GBTC with $14.5 million. These figures are a stark contrast to the previous four-day period, where outflows of $1.45 billion had left investors scrambling for answers.
The sudden turnaround could be attributed to a number of factors. Some believe that investor sentiment has finally turned positive once again, with market participants choosing to ride the waves of uncertainty rather than flee from the volatility. Others argue that institutional investors are taking advantage of discounted prices to accumulate more Bitcoin exposure.
ARK Invest’s ARKB was the sole major fund to experience outflows, losing a substantial $5.37 million in assets under management.
Despite the unexpected rebound, market participants remain cautious, with most choosing to sit on the sidelines as they wait for clearer direction amidst ongoing macroeconomic uncertainty. The price of Bitcoin itself has continued to consolidate within a tight range between $140,000 and $150,000, failing to break through either side.
At press time, the price of BTC had increased by 0.83% over the past 24 hours, with a market capitalization of $2.29 trillion and a daily trading volume of $52.18 billion.
In other positive news, Ethereum-based ETFs have seen an influx of fresh funds, with net inflows totaling $35.12 million across several platforms. Grayscale’s ETHE and ETHA from BlackRock received the largest share, respectively contributing $33.39 million and $10 million to the total.
The resurgence of investor interest in Bitcoin and Ethereum-based ETFs is seen by many as a sign that market participants are becoming more optimistic about the long-term prospects of both cryptocurrencies.
Source: www.tronweekly.com
