Spot Bitcoin exchange-traded funds in the United States have been seeing increased investor confidence as the cumulative net inflows reach a new all-time high. According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs recorded a net inflow of $202.6 million on Aug. 26, surpassing the $18 billion mark in total net inflows in these investment products.
Most of the inflows, worth $224.1 million, came from BlackRock’s IBIT. Franklin Templeton’s EZBC and WisdomTree’s BTCW also saw inflows of $5.5 million and $5.1 million, respectively.
“The trend reflects investors’ confidence in Bitcoin, which will help drive the price of Bitcoin and the stability of the market in the longer run,” said Alvin Kan, the COO of Bitget Wallet, commenting on the spot BTC ETFs’ inflows.
Conversely, Bitwise’s BITB, Fidelity’s FBTC, and VanEck’s HODL funds faced $16.6 million, $8.3 million, and $7.2 million in outflows, respectively. Other spot BTC ETFs showed neutral activity.
Despite the robust inflows into spot Bitcoin products, the asset’s price declined by 1.3% in the past 24 hours and is trading at $63,000 at the time of writing.
Alvin Kan noted that BTC’s bullish momentum depends heavily on the U.S. Federal Reserve’s rate cuts which could also help the market become "fully active."
“In the short term, the Federal Reserve’s announcement of potential rate cuts could lead to increased market liquidity, a shift in investor behavior towards riskier assets, and potential volatility due to ongoing geopolitical tensions,” added Alvin Kan.
While Bitcoin ETFs thrive, spot Ethereum (ETH) ETFs in the U.S. saw their eighth consecutive day of net outflows yesterday. Data from Farside Investors showed $13.2 million in net outflows from ETHE, FETH, and EZET.
Ethereum slipped by 1.7% over the past day and is currently trading around the $2,700 mark.
Spot Bitcoin exchange-traded funds in the United States have been seeing increased investor confidence as the cumulative net inflows reach a new all-time high.
