The Spot Bitcoin ETFs ended their six-day run of daily net outflows with a $219 million increase in inflows.
ETF data platform SoSoValue showed Bitcoins (BTCETFs recovered on Monday after six trading days with net outflows.
The streak of outflows began on August 15 and continued through Friday. On Aug. 19 the largest outflows were $523.31 millions, followed by $311.57 on Wednesday.
After Bitcoin reached new highs, the week saw a sharp drop in its price. On Aug. 14, CoinGecko data showed Bitcoin reached a new all-time high The asset was worth $124 128. The asset has dropped by 11% since then to $10,186.
Bitcoin ETFs are on the rise with Fidelity BlackRock.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) and BlackRock’s ETFs were the main drivers of Monday’s rebound, accounting for the bulk of net daily inflows. Fidelity’s Wise Origin Bitcoin Fund brought in $65.56 millions.
BlackRock’s iShares Bitcoin Trust – IBIT was second with $63.38 millions, followed by ARK Invest ARK 21Shares Bitcoin ETF ARKB at $61.21million.
Inflows from smaller issuers contributed positively to the overall day. Bitwise’s BITB had net inflows of $15.18million, Grayscale’s Bitcoin Trust BTC and VanEck HODL Fund recorded $7.35million and $6.32million, respectively.
Related: Bitcoin is rallying on US deficit concerns, not hype: Analyst
ETFs are being sold off “polarized” Investor sentiment
James Butterfill was the head of CoinShares research on Monday. He said that recent crypto fund outflows were their greatest losses since March. Butterfill attributed the sell-off Then, you can get in touch with us. “increasingly polarized” Investor sentiment regarding US monetary policies
The Federal Reserve, he said, is a source of pessimism. This led to $2 billion being withdrawn. Analysts said that the mood changed following the speech of United States Federal Reserve chair Jerome Powell, widely seen as an indication of a more dovish Federal Reserve. “more dovish than expected.”
The crypto sentiment is back on Saturday returned to greed As the crypto market surged following Powell’s speculation of possible rate cuts in September.
The Crypto Fear & Greed Index, a popular metric used to measure market sentiment, rose to a “Greed” A score of 60. The market was more willing to take on risk, and the participants showed greater confidence in their purchases.
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Source: cointelegraph.com
