Bitcoin exchange-traded funds (ETFs) in the U.S. recorded impressive daily net inflows of $365.57 million on Thursday, the highest total since late July. This surge in inflows extends the positive streak to six consecutive days, as reported by Sosolvalue data.
Yesterday’s net inflows were primarily driven by Ark Invest and 21Shares’ ARKB, which garnered $113.82 million in positive flows. Following closely was BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, with $93.38 million in inflows. Fidelity’s FBTC also benefited from strong investor interest, witnessing $74 million worth of inflows.
The only net outflow observed yesterday came from Grayscale’s GBTC, which saw $7.73 million exit its ETF.
Thursday’s total trade volume among the 12 funds reached $2.43 billion, the largest volume since August 23. Cumulatively, the total net inflows in spot Bitcoin ETFs since their inception have now risen to $18.31 billion.
Augustine Fan, Head of Insights at SOFA.org, commented on the current market dynamics, noting, “It’s all the green light for global risk markets as US equities hit new all-time highs for the 3rd time this week, helped by a rapid-fire of furious stimulus to resuscitate the long-struggling Chinese economy.” He added that renowned macro observers are becoming bullish on all risk assets, suggesting a synchronized easing move reminiscent of previous easy-money periods.
In contrast, spot Ethereum ETFs faced a setback with net outflows totaling around $675,450. Grayscale’s ETHE recorded a significant outflow of $36 million, while Fidelity’s FETH and BlackRock’s ETHA saw inflows of $15.92 million and $14.85 million, respectively.
The price of Bitcoin rose by 2.9% in the past 24 hours, reaching $65,330.96, marking its highest point since late July. Ether also saw an increase of 1.8%, climbing to $2,648.
Fan remarked on the current crypto rally, stating that it appears to have more “staying power” than previous rallies. He noted that investor sentiment seems to have shifted towards a ‘buy the dip’ mentality, favoring continued growth in the absence of significant downside risks.
Disclaimer: This article is provided for informational purposes only and should not be considered as financial advice.