Bitcoin Price Rises as US Bitcoin ETF Sees $222 Million flow, What’s Next?
Bitcoin price continued its upward move today as it crossed the short $67,000 level in the last 24 hours as investors appear to be focused on the crypto. Meanwhile, market experts also attribute the current rise in BTC price to the remarkable entry of Bitcoin. WE Spot Bitcoin ETF. So let’s do it buy one A closer look at the entries recorded by WE Spot the recent Bitcoin ETF.
WE $222 Million Inflows Recorded in Bitcoin ETF
Bitcoin price has gained significant momentum since last year, as evidenced by the over 145% rise. penultimate 12 months. Specifically, excitement and approval WE Spot Bitcoin ETF appears to have boosted the confidence of the cryptocurrency industry so far this year.
Although Bitcoin price has witnessed volatile trading recently due to cooling funds flow data from Bitcoin ETFs. ButThe scenario has changed this week, as shown by the serious inflows in investment instruments.
Meanwhile, according to the latest data from Farside Investors, WE Spot Bitcoin ETFs recorded total inflows of $221.5 million. Notably, Fidelity’s FBTC topped the list with a flow of $99.4 million. On the other hand, Grayscale GBTC recorded an inflow of $ 31.6 million, which increased the confidence of investors.
Especially, This week, overall inflow into the investment vehicle was $948.3 million, reflecting investors’ confidence in crypto.
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Market Reaction When Price Rises
In a recent X post, Bloomberg Senior ETF analyst Eric Balchunas highlighted the resilience of Bitcoin ETFs, noting a significant inflow over the past two weeks. Balchunas emphasizes that these inflows offset the negative flows experienced in April, bringing the net worth back to approximately “+$12.3 billion” since launch.
But he emphasized the importance of this figure because it takes into account both inflows and outflows, which are common in ETF trading. Additionally, Balchunas advised against reacting emotionally to these fluctuations, arguing that long-term prospects remain positive. He also noted that Bitcoin ETF flow amounts relative to assets under management (AUM) are relatively small, indicating stability in the market.
Meanwhile, Bitcoin price increased by 1.35% to $66,977.71, while transaction volume decreased by 15.50% to $25.81 billion. In particular, cryptocurrency has reached $67,459.46 in the last 24 years. hour, He stated that as of the time of writing this article, it has recorded an increase of approximately 146% on an annual basis.
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A seasoned professional with 3 years of experience in the financial market, Rupam has honed his skills as a meticulous research analyst and insightful journalist. She enjoys exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond traditional boundaries. His contributions include breaking news, examining AI-related developments, providing real-time crypto market updates, and providing insightful economic news. Rupam’s journey is marked by his passion to demystify the intricacies of finance and deliver impactful stories that will resonate with diverse audiences.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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