As a seasoned researcher with over two decades of experience in the financial markets, I find myself intrigued by this recent surge in demand for Bitcoin and Ethereum ETFs in the US. The sheer volume of investments pouring into these funds is reminiscent of the gold rush days, but with a modern twist.
Throughout the trading week, there was a surge in interest from American investors towards spot Bitcoin Exchange Traded Funds (ETFs). Over $1 billion flowed into these 11 U.S.-based funds.
It’s worth noting that there’s been a surge of interest in Ethereum alternatives as well, with this past week being one of their second-best performance periods since they were first launched in July.
Over $1B in Bitcoin ETFs in a Week
Last weekend, CryptoPotato noted an increasing flow of funds into Bitcoin ETFs, particularly following the US Federal Reserve’s interest rate reduction on September 18th. This trend has become even stronger over the past five days, despite a relatively subdued appearance on Monday with only $4.5 million in net inflows.
Over these subsequent days, I found myself, as an investor, stepping up my game significantly, particularly on Thursday and Friday. Following a solid $136 million and $105.9 million in net inflows on Tuesday and Wednesday respectively, the real action took place on Thursday with another $365.7 million invested, marking a new high since early June. But the real showstopper was Friday, where an impressive $494.4 million flowed into these ETFs, making it their most successful day in months.
On Thursday and Friday, it’s noteworthy that the largest recipients of substantial investments were Ark Invest’s ARKB, with approximately $113.8 million and $203.1 million respectively. Fidelity’s FBTC and BlackRock’s IBIT followed closely behind, taking in $74 million and $93.4 million on September 26, and $123.6 million and $110.8 million on September 27, respectively.
As an analyst, I’m reporting that the cumulative inflows for all spot Bitcoin ETFs during the past week totaled approximately $1.106,5 billion. This marks the strongest weekly inflow since mid-July.
Over the course of this period, I’ve observed an impressive surge in Bitcoin’s value, reaching a significant highpoint of $66,500 – a level not seen for several months. However, today, there’s been a slight dip, with the price dropping approximately $1,000 from that peak.
Ethereum ETFs on the Rise
So far, Ethereum ETFs haven’t drawn much interest since they were introduced in July. But recently, there are indications suggesting that this trend might reverse shortly.
The week of trading that commenced on September 23 started off with significant outflows totaling over $79 million. However, investors adjusted their approach in the subsequent days, resulting in net inflows of $62.5 million on Thursday, $43.2 million on Wednesday, and $58.7 million on Friday. A small withdrawal amounting to $0.1 million was recorded on Thursday as well.
During that particular week, Ethereum ETFs experienced a total of $85.2 million in inflows, which represents the second-highest amount since they debuted on U.S. stock exchanges in July. The record for the highest net inflow still stands from the time between August 5 and August 9.
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2024-09-29 18:06