Explosive Inflows Send Bitcoin Price Soaring with 400% ETF Spike: Analysis
Arslan Butt is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. He brings a broad range of skills to help beginners evaluate financial...
Bitcoin (BTC), the leading cryptocurrency, surged to an intra-day high of $62,500, driven by a significant increase in inflows into U.S. spot Bitcoin exchange-traded funds (ETFs).
This influx of funds has fueled bullish sentiment in the market, contributing to the cryptocurrency’s rally.
Additionally, renewed investor confidence, supported by recent positive regulatory developments, has further bolstered Bitcoin’s recovery.
#catnews #cryptonews Spot Bitcoin ETF inflows surge four-fold, Ether ETF outflows slow down https://t.co/j5oHzfCUi3 pic.twitter.com/3rdLZSxn3g
However, experts caution that this upward trend might be short-lived. Peter Brandt has indicated a 50% chance that Bitcoin could experience a decline of more than 35% before the next halving event, with current price movements potentially reflecting a bearish pattern.
According to the latest report, U.S. spot Bitcoin exchange-traded funds (ETFs) saw a significant surge in inflows on August 8, totalling $192.56 million, up from $45.14 million the previous day.
BlackRock’s IBIT led with $157.6 million, pushing its total inflows to $20.3 billion, while WisdomTree’s BTCW followed with $18.5 million.
Other funds like Fidelity’s FBTC and ARK 21Shares’s ARKB also saw notable inflows of $6.2 million and $3.8 million, respectively.
Despite these gains, Grayscale’s GBTC experienced outflows of $2.9 million. Meanwhile, spot Ether ETFs faced outflows of $2.9 million, with Grayscale’s ETHE fund leading the decline. BlackRock’s ETHA and a few others saw minor inflows. Overall,
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