Bitcoin exchange-traded funds (ETFs) have recorded substantial inflows, signalling a potential bullish shift in the cryptocurrency market. According to recent data, the United States Spot ETFs saw a rise in investments, with a continuous inflow streak throughout the past week. This trend, totalling $506 million with no outflow day, underscores growing investor confidence in the crypto.
Bitcoin ETFs Register Record Weekly Inflows
Bitcoin ETFs have seen a remarkable increase in net inflows over the past week. Data from Spot On Chain reveals that these ETFs experienced daily inflows of $506 million. The week began with inflows of $62.1 million on Monday, driven by major players like BlackRock and Fidelity. Additional inflows were recorded throughout the week, with BlackRock leading the market with significant contributions.
On August 24, the United States spot ETFs saw a single-day inflow totalling $252 million. Eight different ETFs supported this surge, all of which reported positive flows with the major 5 ETFs recording over $20M inflows.
In addition, Hong Kong’s spot ETFs experienced their highest inflow in over a month, with the ChinaAMC Bitcoin ETF receiving 274 BTC worth approximately $15 million on August 22. This surge underscores growing interest among Asian institutional investors.
Investor Confidence Grows Amid ETF Inflows
The continuous inflows into Bitcoin ETFs indicate increasing investor confidence in the cryptocurrency. iShares ETF, a key player in this market, reported a substantial inflow of nearly $76.8 million. This increase in holdings has pushed iShares’ total reserves to approximately 352,843 BTC, equivalent to $21.65 billion.
The rising interest in Bitcoin ETFs indicates a bullish market sentiment. More so, the absence of outflows during the week further reinforces this positive outlook, suggesting that investors are holding onto their positions in anticipation of future gains.
Adding to the positive inflows, the cryptocurrency bulls have staged a significant comeback following Powell’s dovish speech at Jackson Hole. According to CoinGape analysis, the continued surge might target $70,000 this weekend.
In contrast to the positive trend, Ethereum ETFs have experienced consistent outflows throughout the week. Starting with $13.5 million in outflows on Monday, the negative trend continued, with Grayscale’s Ethereum Trust (ETHE) being the largest contributor. By the end of the week, Ethereum ETFs had recorded total outflows of $44.5 million.
At the time of writing, the BTC price was $64,360.03, reflecting a 5.42% increase in the past 24 hours. The 24-hour trading volume surged by 66.82%, reaching $42.88 billion. The currency’s market cap climbed to $1.27 trillion.
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