Bitcoin ETF Inflows Get a Boost as BTC Price Surpasses $64,000

Key Points:

• Bitcoin ETF inflows hit a record high of $252 million on August 23, marking the seventh consecutive day of positive inflows.
• The total net asset value of spot Bitcoin ETFs is $58.4 billion, and the historical cumulative net inflow has reached $17.9 billion.

On August 23, Bitcoin exchange-traded funds participated in the increased interest of investors, as inflows were seen for the seventh day in a row.

Read more: Spot Bitcoin ETFs Gain $65M in Net Inflows, Extending Streak

Bitcoin ETF Inflows Hit Record on August 23

The total Bitcoin ETF inflow yesterday was $252 million, an increase that has not been matched in a single day since July 23.

BlackRock’s IBIT was among the top performers, with $86.8 million to $20.7 billion in total historical inflows. The second in line was the FBTC by Fidelity, which saw $64 million in net inflows and increased its total historical inflows to $9.9 billion.

In contrast, Grayscale’s GBTC saw a net outflow of $35.6 million, further adding to the cumulative historical outflow of $19.7 billion. On the other hand, Grayscale Bitcoin Mini Trust posted a net inflow of $50.8 million for the day and total inflows of $357 million.

Spot Bitcoin ETFs Reach $58.4 Billion in Net Asset Value

As of the latest data, the net asset value for spot Bitcoin ETFs adds up to a total of $58.4 bln, with their market value accounting for 4.65% of the total Bitcoin market value. Historically, the cumulative net inflow has reached $17.9 billion.

The pickup in Bitcoin ETF inflows had been pinned to expectations for rate cuts by the Federal Reserve, economic uncertainty, and geopolitics, alongside new sources of demand. Spot-based Bitcoin ETFs launched in the United States, opening further access to the cryptocurrency between institutional and retail investors. Bitcoin has rallied above the $64,000 mark after a rather volatile August.