US Bitcoin ETFs continue to be strong “Uptober” The week ended with a strong $2.71 billion of weekly inflows.
As per data According to SoSoValue’s data, the total assets managed by Bitcoin ETFs reached $158.96 Billion on Friday. This represents nearly 7% Bitcoin’s market cap.
“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.
It was Monday that spot Bitcoin exchange-traded funds had the best week. They recorded net inflows totaling $1.21billion, their second biggest single day since they were launched. On Tuesday, the funds saw a strong inflow of $875.61 millions.
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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 led with $65,26 billion cumulatively and $74.2 million daily. Fidelity FBTC, Grayscale GBTC, and Grayscale GBTC all recorded outflows, with respective amounts of $10.18 and $19.21 millions.
“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 sparks a rush for ETFs
In the past two weeks, 31 crypto ETF Apps have been submitted The US Securities and Exchange Commission has received 21 complaints in the first 8 days of October.
Analysts describe The moment can be a possible opening for 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
