Both institutional and retail investors in the Spot Bitcoin Exchange-Traded Funds (ETFs) are showing increased confidence in BTC, with a notable surge in inflows. This signals strong interest and long-term potential in the digital asset.
Significant Inflows into Spot Bitcoin ETFs
Recent data from Farside Investors shared by Micheal Van De Poppe, the CIO of MN Consultancy, reveals a substantial increase in spot Bitcoin ETFs.
On Monday, net positive inflows into these exchange funds reached $202 million, a significant rise from the previous week’s $62.1 million. This surge indicates growing adoption among investors daily.
Yesterday’s net inflows nearly equal 50% of total inflows for the entire previous week, totaling about $500 million.
Continued significant inflows into spot Bitcoin ETFs suggest strength and could potentially drive the value of BTC higher. Van De Poppe predicts a new all-time high for Bitcoin before September ends, influenced by the products’ impact on prices and increased investor interest.
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) led the inflows surge, attracting over $224 million in daily inflows, its highest in the past 35 days. Other funds like Franklin BTC ETF (EZBC) and WisdomTree BTC Fund (BTCW) also saw positive inflows, while Bitwise BTC ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), and VanEck BTC ETF (HODL) experienced outflows.
In contrast, Grayscale’s BTC ETF (GBTC), Invesco Galaxy Bitcoin ETF (BTCO), and Coinshares Valkyrie Bitcoin Fund ETF (BRRR) had zero daily inflows.
BTC’s Recent Price Performance
The influx into spot Bitcoin ETFs coincides with a recent price drop for BTC, indicating that investors are increasing their exposure to the digital asset during this dip. With substantial inflows, there’s speculation that Bitcoin may see a rise in the coming days, with trading volume up by over 44% in the last day and the price at $62,818.
Featured image from Unsplash, chart from Tradingview.com
