Spot Bitcoin US exchange-traded funds (ETFs) are roaring today, recording the highest inflow in four months as a total of $556 million was distributed across 12 funds. Coincidentally, when the income was received, Bitcoin was doubling as it touched a two-week high of $66,500.
The highest one-day flow, at $239 million, came through Farside (FBTC), the highest amount since June. Other performers include Bitwise (BITB) worth $100 million and BlackRock (IBIT) which managed to attract new investors to the rake for $79.51 million.
Increased Activity in All Funds
A few funds were sent in as the market continued to rally. Shares of ARK Invest and 21Shares (ARKB) stand at around $70 million, while Grayscale (GBTC), a bitcoin trust, recorded its first inflow since September at just over $37 million despite the trust has a huge outflow problem of $ 20 billion. since its inception.
Source: Farside Investors
Other micro funds that posted income include: HODL, EZBC, BTCO, Grayscale BTC Mini Trust, and Valkyrie whose income totaled over $29 million.
Their bullish action also pushed the trading values ​​of these 12 Bitcoin ETFs to $2.61 billion. Analysts project that this new increase will drive those funds further by using the income achieved in the last 10 months which is currently 19.36 billion. This may also be because Bitcoin ETFs are also outperforming gold-based products, reaping $1.5 billion in inflows this year.
BTC market cap currently at $1.29 trillion. Chart: TradingView.com
Ethereum ETFs Lag Behind Bitcoin
Bitcoin ETFs have risen significantly higher than Ethereum ETFs, which have responded better in comparison. Total inflows into Ethereum ETFs stood at $17 million led by BlackRock ( ETHA ) with $14 million.
Image: Regtechtimes
Other funds in Fidelity (FETH), Invesco (QETH), and 21Shares (CETH) saw inflows ranging from $393,690 to $1.30 million. Trading volumes for Ethereum ETFs also rose to $210 million from $143.54 million the previous day. In fact, since launching in July, Ethereum ETFs have seen a total outflow of $542 million.
The overall cryptocurrency market also began to recover from its losses with Bitcoin trading at $65,268. Meanwhile, Ethereum rose nearly 3% to reach a level of $2,594 at the end of the day.
As Nate Geraci, President of the ETF Store, said, this day was a “big day” for Bitcoin ETFs, as the crypto investment product continues to be more attractive than traditional and safe assets, such as gold.
Featured image from Global Finance Magazine, chart from TradingView
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