As a researcher with experience in the cryptocurrency market, I find the recent developments in US Spot Bitcoin ETFs intriguing. Despite a slight dip in bitcoin’s price, investors continue to show confidence by pouring large sums of money into these ETFs. This week’s net inflows of $310.21 million on Friday represent the largest since June 5 and are a clear indication of the market’s bullish sentiment.
This week, US Bitcoin Spot ETFs experienced the most significant inflows on Friday, totaling $310.21 million, based on SoSo Value’s data. This is the largest weekly inflow since June 5. The surge in investments came as investors were withdrawing from their positions due to selling pressure caused by the German government transferring large amounts of Bitcoin and the expectation of repayments from Mt. Gox.
In spite of Bitcoin’s price decline below last month’s levels, investors are once again turning to ETFs (Exchange-Traded Funds) to purchase the discount. The market sentiment remains optimistic as the digital currency’s value is significantly higher than it was a year ago or at the beginning of 2023.
Experts caution that Mt. Gox’s repayments could cause bitcoin’s value to decrease even more. Some believe, however, that the market has already factored in these repayments. However, the impending release of approximately 140,000 bitcoins into circulation within the next three months concerns many investors.
Despite recent developments, ETF investments continue to thrive. Last Friday saw substantial additions to various funds: BlackRock’s IBIT received $120 million, Fidelity’s FBTC took in $115.1 million, Bitwise’s BITB gained $28.42 million, Grayscale’s GBTC brought in $23.01 million, and both 21 Shares and Ark Invest’s ARKB recorded inflows of $13.02 million. VanEck’s HODL and Invesco and Galaxy Digital’s BTCO funds reported individual inflows under $10 million. No ETF experienced outflows during this period, while Valkyrie Digital Assets, WisdomTree, Hashdex, and Franklin Templeton remained unchanged.
As a researcher studying the weekly trends in Exchange-Traded Fund (ETF) investments, I’ve observed that the inflows on Friday added $1.04 billion to our total for this week. Since their debut in January, these ETFs have attracted an impressive net inflow of $15.8 billion. With the exception of Hashdex’s product, all other ETFs have experienced positive net inflows. Hashdex, however, has reported a net outflow of $2 million since its launch. Grayscale, on the other hand, has been responsible for significant outflows to the tune of $18.6 billion since inception.
With the SEC announcing its intention to approve a Bitcoin ETF this summer, there’s growing anticipation that Ethereum ETFs could follow suit as early as July 15. Analysts are optimistic about the timeline based on recent developments.
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2024-07-14 00:10