Bitcoin spot ETFs experienced a significant increase in inflows on Thursday, reaching $192.5 million, marking the highest level in over two weeks. This surge follows a dip in Bitcoin’s price below $50,000 earlier in the week amidst a global market downturn.
NEW: 🇺🇸 #Bitcoin ETFs saw $192 million in inflows, the highest in over two weeks.
The tides are turning 🚀 pic.twitter.com/y7Ra6NK4jA
— Bitcoin Magazine (@BitcoinMagazine) August 9, 2024
These inflows helped drive Bitcoin’s price back above $60,000 on Friday, marking a rapid turnaround after a nearly 20% decline earlier in the week to its lowest point since February.
The BlackRock iShares Bitcoin Trust (IBIT) led the rebound, attracting $157.6 million in inflows on Thursday. The WisdomTree Bitcoin Trust (BTCW) also had a standout day, bringing in over $118.5 million in fresh capital—its largest single-day influx since its launch.
While BTCW has struggled to match its competitors in daily inflows since its debut in January, Thursday’s surge propelled it to the top position with a record-breaking performance.
These inflows indicate a renewed interest in Bitcoin exposure following a recent sell-off that also impacted stock markets like the Nasdaq. Concerns over a potential economic downturn were triggered by a disappointing U.S. jobs report last Friday.
The recovery in prices and the significant inflows suggest that the Bitcoin selloff may have been a temporary setback rather than the beginning of a bearish trend. With the price now back at $60,000, many are hopeful for a retest of the all-time highs above $73,000 in 2024.
