Bitcoin ETFs Record Over $400M Inflows, $62K BTC Price In Sight?

Bitcoin ETFs Record Over $400M Inflows, $62K BTC Price In Sight?

PENGY September 15, 2024, 3:03 am Facebook Twitter


Bitcoin ETF Flows Flip to Positive After Two Weeks, Bitwise CIO Flashes Massive Adoption

Bitcoin ETFs saw over $400 million in inflows this week as bulls picked up the pace igniting price upticks. This comes after outflows the previous week as the price moved below $55,000. Bitcoin ETF remains a major determinant of market sentiment since its approval on Jan 10 by the United States Securities and Exchange Commission (SEC). 

Bitcoin ETFs Notch Weekly Inflows 

This week, spot Bitcoin ETFs recorded over $400 million in inflows ending the previous streak of outflows. This took the total number of Bitcoin bought to 6,892 BTC while producing 2,250 coins in the same period. This shows a sharp increase in demand for the crypto market leader as stakeholders set sights on bullish macro events. 

At the start of the week, BTC ETFs netted $28.6 million in inflows increasing the tempo the following day to $117 million with further positive results. On Sept 13, these products recorded $263.2 million inflows, the highest number since July 22. The change in fortunes for the asset leader has rippled through the industry leading to an uptick in the market cap. 

Fidelity’s FBTC saw $102 million in inflows on Sept leading the pack among Bitcoin ETFs while ArkInvest also recorded positive inflows. However, BlackRock’s IBIT showed no total inflows after starting the week in the red zone. After these products turned green following two weeks of net outflows, Matt Hougan, Bitwise CIO backed these funds pointing to massive institutional adoption amid recent talks of reduced optimism. 

Institutional Adoption Behind Price Recovery 

This year, Bitcoin ETFs pushed the crypto industry to new highs as traditional investors poured in funds. As expected, the wider market saw gains leading several assets to hit new all-time highs off Bitcoin’s momentum. Bitcoin’s price soared above $73,000 in Q1 2024 but has faced significant corrections below the $60,000 mark. 

Outflows from the previous week saw the price of the asset slump below $55,000 leaving a negative impact on the wider market. However, renewed institutional demand saw the price regain $60k before sliding below the resistance. At press time, Bitcoin price stands at $59,819 making a slight decline in the last 24 hours. Popular analyst Van de Poppe wrote on X that Bitcoin price could break out and continue above the $60k mark.

A major factor for the uphill movement in the asset is falling inflation in the United States and a projected cut in policy rates. This is expected to push inflows to risky assets with crypto as a huge beneficiary. Furthermore, MicroStrategy’s recent 18,300 BTC purchase worth approximately $1.1 billion points to heightened institutional demand for the asset. 

The post Bitcoin ETFs Record Over $400M Inflows, $62K BTC Price In Sight? appeared first on CoinGape.

PengyOS - Let's Make Penguins Fly
PengyOS was started by a small community of crypto enthusiasts who believe that penguins should have a seat on the meme coin throne next to dogs and frogs. Solana Contract : B8vV6An7xFF3bARB1cmU7TMfKNjjes2WvY7jWqiRc6K6

Crypto Bubbles
Disclaimer
WARNING: The content on this site should not be considered investment advice. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence.

LEAVE A REPLY

Your email address will not be published.