Last updated: 18.05.2024 – 12:16
Bitcoin The price continued its upward momentum, exceeding $ 67,000 in the last 24 hours. It is observed that investors’ interest in digital assets is increasing. However, market experts attribute the current price rally to notable fund inflows into the US Spot BTC ETF.
Bitcoin ETF Inflows in the USA Exceed 222 Million Dollars
Bitcoin price, has gained remarkable momentum since last year, rising over 145% in the last 12 months. In particular, the approval of the US Spot BTC ETF and the trend in this regard seem to have strengthened confidence in the cryptocurrency sector this year.
Although the Bitcoin price has been fluctuating lately, especially due to the cooling of fund flow data of ETFs, the situation has changed this week. Significant fund inflows into investment instruments reveal this change.
According to the latest data from Farside Investors, US Spot Bitcoin ETFs recorded a total inflow of $221.5 million. Fidelity’s FBTC topped the list with $99.4 million in inflows. On the other hand, Grayscale GBTC also increased investors’ confidence by recording an inflow of $31.6 million.
This week, total inflows into investment instruments amounted to $948.3 million, reflecting investors’ confidence in crypto.
Bloomberg Senior ETF analyst Eric Balchunas noted the resilience of Bitcoin ETFs in a recent X post, noting that there have been significant fund inflows in the past two weeks. Balchunas emphasized that these inflows offset the negative flows experienced in April and brought the net worth to approximately “$12.3 billion” since their launch. However, he noted that this figure includes both inflows and outflows, and such fluctuations are common in ETF trading. He stated that long-term expectations remain positive, but emotional reactions to these fluctuations should be avoided. He also noted that Bitcoin ETF fund flows are relatively small compared to assets under management (AUM), indicating stability in the market.
Amid these developments, Bitcoin price increased by 1.35% to $66,977 and trading volume decreased by 15.50% to $25.81 billion. Bitcoin reached $67,459 in the last 24 hours, gaining approximately 146% on a yearly basis as of writing.
