Key points:
Spot bitcoin ETFs saw $158.21 million in net inflows on Thursday, rebounding from $52 million in outflows the day before. Leading the inflows were Ark Invest’s ARKB with $81.07 million and Fidelity’s FBTC with $49.88 million. No Bitcoin ETFs saw outflows on the day, according to SoSoValue data.
In total, 12 bitcoin ETFs saw a daily trading volume of $1.44 billion. Since their launch in January, these funds have accumulated $17.60 billion in net inflows, further strengthening the market.
Read more: Spot Bitcoin ETFs Outflows Hit $52.8M, Ending Four-Day Inflow Streak
Bitcoin rose 2.3% to $63,550, supported by recent macroeconomic developments, including a rate cut by the Federal Reserve. The price increase coincided with increased inflows into spot bitcoin ETFs, reflecting overall market optimism.
This positive move was reinforced by improving risk sentiment across global markets, as seen in tandem with the S&P 500 and Nasdaq. Despite the rally, retail participation remains low, casting doubt on the long-term sustainability of the trend.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Willemstad, Curaçao, 4th November 2024, Chainwire
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