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Home»ADOPTION NEWS»Spot Bitcoin ETFs see $43 million inflows, halting two-day inflow slump
ADOPTION NEWS

Spot Bitcoin ETFs see $43 million inflows, halting two-day inflow slump

By Crypto FlexsSeptember 12, 20243 Mins Read
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Spot Bitcoin ETFs see  million inflows, halting two-day inflow slump
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The U.S. spot Bitcoin exchange-traded fund (ETF) ended its two-day positive run on Wednesday with a daily net outflow of $43.97 million.

According to SoSoValue data, Ark Invest and 21Shares’ ARKB reported the biggest outflows among ETFs yesterday, with $54.03 million in outflows. Grayscale’s GBTC recorded a net outflow of $4.59 million, while Bitcoin Mini Trust saw an outflow of around $511,230.

Fidelity’s FBTC led the day’s inflows, with net inflows of $12.57 million, while Invesco’s BTCO saw $2.59 million in inflows. Seven other funds, including BlackRock’s IBIT, saw zero inflows for the day. IBIT has had no net inflows since August 26.

The 12 Bitcoin ETFs recorded a daily volume of $1.27 billion on Tuesday, up from $712.25 million the previous day. Since their launch in January, Bitcoin funds have amassed $17 billion in net inflows.

Ether ETFs also experienced negative flows.

US spot Ethereum ETFs saw net outflows of around $542,870, with seven of the nine funds seeing zero daily inflows. VanEck’s ETHV saw net outflows of $1.71 million, while Fidelity’s FETH saw inflows of $1.17 million.

The total daily volume of the Ether ETF was $126.22 million on Wednesday and $128.7 million on Tuesday. The cumulative net outflow was $562.06 million.

Bitcoin price is said to have risen 3.37% over the past 24 hours to $58,318, while Ether is said to have risen 1.78% to trade at $2,373. The Block’s Cryptocurrency Price Page.

“Outflows from Bitcoin and Ethereum ETFs are largely a reaction to strong U.S. economic data and should be viewed as a normal part of the evolution of ETFs,” said Rachel Lucas, crypto analyst at BTCMarkets.

Yesterday, the US Consumer Price Index was released, showing that the consumer price index rose 0.2% in August. According to CNBC, this brought the 12-month inflation rate to 2.5%, the lowest reading since February 2021.

Investors are also looking ahead to next week’s Federal Open Market Committee (FOMC) meeting, with an 85% chance that the Fed will cut rates by 25 basis points, according to CME Group’s FedWatch tool.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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