Key Points:
On October 31, the Bitcoin spot ETF logged its lowest net inflow in the past seven days, coming in at $32.1 million. This marks a downturn in inflows amidst a recent spate of appetite for Bitcoin ETFs as market participants closely watch the pace of adoption of the said funds. While Bitcoin ETFs have had consistent inflows, this latest number is a downtick from the larger daily inflows it saw at the start of the week. This could be due to general market up-and-downs or possibly investor skittishness before possible regulation developments, according to Sosovalue.
On the other hand, Ethereum’s spot ETF net inflow amounted to $13 million on the same day, as interest in the digital asset remained if muted. This gap between Bitcoin and Ethereum inflows reflects the current dominance of Bitcoin in the ETF market, but at the same time underlines the growing investor confidence in Ethereum-based ETFs. While Bitcoin’s inflows do appear to slow down, both cryptocurrencies are still at the forefront when it comes to institutional interest, and analysts predict fresh momentum for them in the near term as market conditions develop.
Read more: Bitcoin Spot ETFs Celebrate $870M Inflows as Price Soars to $72K
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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