Bitcoin spot ETFs On Thursday, they recorded the largest inflows of $192.5 Million in more than two weeks. Bitcoin dropped below $50,000 this past week during a market crash.
NEW: 🇺🇸 #Bitcoin The ETFs experienced the largest inflows in more than two weeks, with $192 millions.
As the tides turn,🚀 pic.twitter.com/y7Ra6NK4jA
— Bitcoin Magazine (@BitcoinMagazine) August 9, 2024
Bitcoin surpassed $60,000 again on Friday thanks to the inflows. The swift turnaround comes after Bitcoin dropped nearly 20%, to its lowest levels since February.
It is important to note that the word “you” means a person. BlackRock iShares Bitcoin Trust IBIT was the leader of Thursday’s bounce-back, with inflows totaling $157.6 Million. The WisdomTree Bitcoin Trust (BTCW) also had a standout day, attracting over $118.5 million in fresh capital—its largest single-day haul since launching.
BTCW is generally behind its competitors, and has been struggling to surpass $11 millions in daily inflows ever since it launched in January. Prior to that, it had a record of $10.5 million. The record-breaking performance on Thursday was a significant improvement.
Inflows show renewed interest in Bitcoin after earlier in the day, a selling wave that also affected stock markets such as the Nasdaq. The disappointing U.S. employment report released last Friday sparked recession concerns.
Inflows and prices have recovered, which suggests that the Bitcoin crash was a temporary event rather than the start a bearish trend. After the recovery of $60,000, bulls expect a new high above $73,000 by 2024.
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Source: bitcoinmagazine.com
