US-listed Bitcoin ETFs recorded net inflows of $197.4 Million in the last week, ending an eight-week run of outflows.
Farside Investors – Data shows BlackRock iShares Bitcoin Trust eTF recorded inflows of $291.9 millions, accounting for most gains. The Grayscale Bitcoin Trust ETF was the biggest beneficiary, but it had to be offset by the outflows of the Fidelity Smart Origin Bitcoin Fund, the ARK 21 Shares Bitcoin ETF and the Fidelity Fidelity Bitcoin Trust ETF.
It is important to note that the word “you” means a person. end of the outflow streak After two months of selling, it could be that the demand from institutions for Bitcoin is on the rise. Analysts believe it’s still too early to say.
“While one week of inflows doesn’t define a trend, it comes at a time when institutional confidence is growing around the potential passage of the CLARITY Act in the US in August next month,” Jeff Yew, CEO of Monochrome Asset Management and founder of Monochrome Asset Management, spoke to Cointelegraph.
“This could be an early indication that institutions are beginning to position ahead of greater regulatory certainty, which is often what long-term capital allocators look for.”
Markus Thielen, founder and CEO of 10x Research, said that the seasonality and outflows from ETFs and stablecoins in August and September remain a concern.
“There’s also been a pattern over the past few months where Bitcoin performs better in the first half of the month, then consolidates in the latter half. Without flows still pronounced and ETF flows yet to meaningfully pick up, even after Bitcoin’s 9%+ jump, the headwinds remain in our view.”
This modest weekly influx of $197.4 Million was not surprising compared The $8.26 billion in investor withdrawals since May 11 is a significant amount.
Total spot Bitcoin ETF net inflow. Source: SoSoValue
Jamie Coutts, chief crypto analyst at Real Vision, told Cointelegraph last week that Bitcoin may be in the final stages of a bear market based on the early signs that the selling pressure has eased.
Related: Strategy’s Saylor needs clarity in BTC pivot message to convince investors: StanChart
“I think we’re getting through most of the bear market action. It’s still not over, clearly. But you know, I think we’re approaching at least the second half,” Coutts said.
Some analysts believe there may be more downsides to come.
Russell Thompson is the chief investment officer of Hilbert Capital, a financial asset management firm. He told Cointelegraph that last week he thinks Bitcoin will remain in a downcycle. It could reach a new low sometime around October.
Ether ETFs are also breaking outflow streak
Ether-based ETFs listed in the US also ended their eight week losing streak. They received $84.42 in net flows for the last Friday. BlackRock, Fidelity and Fidelity Ether funds were leading.
Since May 11, net inflows of $1.2 billion have outpaced the inflows.
Magazine: Has Bitcoin bottomed for this cycle? Analysts say ‘not yet’
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Source: cointelegraph.com
