US Bitcoin ETFs continue to be strong “Uptober” The week ended with a strong $2.71 billion of weekly inflows.
As per data SoSoValue reports that the assets under management of Bitcoin ETFs have risen to $158.96billion as of last Friday. That’s nearly 7 percent of Bitcoin’s overall market capitalization.
“Capital keeps flowing into BTC as allocators double down on the digital gold conviction trade. Liquidity is building now as the market momentum takes shape,” Vincent Liu told Cointelegraph that he is chief investment officer for quantitative trading firm Kronos Research.
On Monday, spot Bitcoin ETFs had their best week. Funds recorded massive net inflows of $1.21 billion, which was the second largest single-day amount since the products’ launch. In addition, on Tuesday the funds experienced a strong inflow of $875.61 Million.
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Bitcoin ETFs lose $4.5 Million
On Friday, Bitcoin ETFs saw a $4.5 million net outflow amid market jitters after President Donald Trump confirmed he would impose a 100% tariff on imports from China.
BlackRock IBIT topped the market, with daily inflows of $74.2 millions and cumulative totals of $65,26 Billion. Fidelity FBTC’s and Grayscale GBTC’s GBTC both recorded outflows.
“Trump’s tariff threat looks more like a negotiation tactic than a policy pivot, classic pressure play,” Liu said. “Markets may flinch short term, but smart money knows the game: macro noise, conviction unchanged,” He added.
Related: Ether ETF inflows, explained: What they mean for traders
“Uptober” The 31 ETFs filed spark an ETF rush
In the last two months, there have been 31 crypto ETF Apps have been submitted In the eight first days of October, 21 such complaints were filed with the US Securities and Exchange Commission.
Analysts describe Moment as potential for opening the “floodgates” Crypto ETFs. Bloomberg’s James Seyffart reported that, as of the end of August 2018, nearly 100 crypto products were awaiting SEC approval.
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Source: cointelegraph.com
