U.S. Spot Bitcoin ETFs Record $92M in Daily Inflows Amid Market Dip
U.S. spot Bitcoin exchange-traded funds (ETFs) saw a surge in investor interest on Friday, recording $92 million in net inflows despite a market downturn.
The week also witnessed nearly $400 million in total inflows across these funds, according to data from SoSoValue.
Friday’s inflows were distributed among seven bitcoin ETFs, with Fidelity’s FBTC leading the pack, attracting $26.12 million.
More Funds See Inflows
The joint fund by Ark Invest and 21Shares, ARKB, followed closely with $21.99 million.
Bitwise’s BITB fund also recorded significant inflows, amounting to $15.08 million, while Grayscale’s Bitcoin Mini Trust saw $13.37 million.
Other bitcoin ETFs, including those from VanEck, Valkyrie, and Invesco, reported smaller but positive inflows.
Notably, there were no net outflows across all funds on Friday, and five funds, including BlackRock’s IBIT, reported zero activity.
The combined daily trading volume for U.S. bitcoin ETFs reached $980.59 million on Friday, with total net inflows since their January launch amounting to $17.69 billion.
The uptick in investment comes amid a challenging period for the broader crypto market, suggesting continued confidence in the long-term potential of bitcoin.
In related news, the U.S. Securities and Exchange Commission (SEC) approved the listing and trading of options for BlackRock’s IBIT ETF, which are expected to start trading on the Nasdaq soon.
Meanwhile, U.S. spot ether ETFs recorded a second consecutive day of positive inflows, totaling $2.87 million, primarily driven by Grayscale’s Ethereum Mini Trust.
However, these funds have struggled overall.
Since their introduction in July, Ether ETFs have accumulated a total net outflow of $615.58 million, highlighting the challenges faced in maintaining investor confidence in this volatile market.
As reported, digital asset investment products saw a turnaround last week, with inflows reaching $436 million following a prolonged period of outflows totaling $1.2 billion.
The reversal was influenced by shifting market expectations, particularly the potential for a 50-basis-point interest rate cut.
Bitcoin Surges After Fed Rate Cut Decision
Last week, Bitcoin’s price surged to over $63,000 as investors reacted to the Federal Reserve’s rate cut announcement.
The Federal Open Market Committee’s decision to reduce rates by 50 basis points is seen as a move to stimulate economic growth amid ongoing concerns.
“In the short term, a 50 bps rate cut could signal to the market that the economy is slowing, hinting at underlying issues that may not yet be apparent,” Matt Mena, Crypto Research Strategist at 21Shares, said in a comment.
“This could unsettle both traditional and digital investors, potentially triggering initial volatility. However, over the long term, Bitcoin and other digital assets have historically thrived in low-interest-rate environments.”
Mena added that this move could signal a return of liquidity, sparking a risk-on sentiment and fueling a sharp Bitcoin rally as investors chase higher yields.
Aside from Bitcoin, other cryptocurrencies also performed well.
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