Bitcoin Spot ETF Inflows Eye New Record As BTC Price Touches $57,000
February 27 2024 - 9:00AM
NEWSBTC
Bitcoin Spot ETFs are gunning for a new record after an incredible
start to the new week. The price of BTC has risen 8% in the last
day, and this has caused euphoria in the market. There could be a
number of factors behind this; however, institutional investors
seem to be playing a big role as daily inflows continue to rise.
Spot Bitcoin ETF Inflows Cross $400 Million According to Bloomberg
analyst James Seyffart, the Spot BTC ETF inflows are not slowing
down. In a screenshot shared by the analyst on Tuesday, Seyffart
reveals that inflows into Spot BTC ETFs climbed above $400 million.
Related Reading: VeChain Ready For Blast-Off: Crypto Analyst
Predicts VET Price To Rally 14,600% The image shows that the
Fidelity Wise Origin Bitcoin Fund is leading the charge with $243.3
million in inflows, which accounts for more than 50% of the total
inflow. The ARK 21Shares Bitcoin ETF follows behind with
significant inflows of $130.6 million. The third-largest inflow to
a single fund for the day was recorded in the Bitwise Bitcoin ETF,
which saw $37.2 million in inflows. Source: X Other funds,
including the Franklin Bitcoin ETF, VanEck Bitcoin Trust, and the
WisdomTree Bitcoin Fund, all saw minor inflows of $7.9 million,
$6.2 million, and $0.9 million, respectively. In total, the inflows
to all six funds came out to $426 million. However, the Grayscale
Bitcoin Trust (GBTC) continues to bleed during this time, with
outflows of $22.4 million in the 24-hour period. This brought the
total net flows to $403.6 million. At the same time, funds such as
the iShares Bitcoin Trust, the Invesco Galaxy Bitcoin ETF, and The
Valkyrie Bitcoin Fund all saw negligible inflows during this time
frame. Gunning For A New Record The inflows into the Bitcoin Spot
ETFs over the last day are a testament to the demand that these
products are getting from the market. With institutional investors
gaining more exposure to BitBTCcoin, demand is expected to rise,
especially as the BTC price continues to do well. Related Reading:
Crypto Analyst Predicts Dogecoin Parabolic Breakout Above $3.5,
Here’s When The inflow volumes, while not the largest single-day
inflows so far, are significant when measured up to others. For
example, Seyffart points out that the daily record was from the
first day of trading when inflows climbed as high as $655 million.
The second-largest single-day net flow was then recorded earlier in
the month on February 13 with $631 million. “A big day from $IBIT
could push us beyond that Day 1 record,” Seyffart declared. At the
time of writing, the BTC price is experiencing a retracement after
reaching a new 2-year high of $57,000. It has seen 8.58% gains in
the last 24 hours to trade at $55.900, according to data from
CoinMarketCap. BTC price establishes support above $56,000 |
Source: BTCUSD on Tradingview.com Featured image from U.Today,
chart from Tradingview.com
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