Cryptocurrencies

Bitcoin Sees $436 Million Surge in ETF Inflows Last Week

In its latest weekly report, CoinShares has highlighted a remarkable shift in the inflow of funds into cryptocurrency exchange-traded products, with Bitcoin (BTC) experiencing an impressive $436 million in ETF inflows last week. This surge followed a challenging period characterized by $1.2 billion in outflows over the previous ten days.

Analyst James Butterfill attributes the significant rebound in inflows to a change in market sentiment regarding the likelihood of an interest rate cut by 50 basis points on September 18.

Despite this recent positive development, Bitcoin’s month-to-date figures reveal $209 million in outflows, presenting a stark contrast to its year-to-date inflows, which have reached an impressive $20.775 billion.

In a related observation, short-Bitcoin investment vehicles recorded an outflow of $8.5 million after three weeks of inflows. Another cryptocurrency faced challenges as well, with $19 million in outflows, although it still boasts $708 million in year-to-date inflows.

Conversely, another sector exhibited resilience, achieving $3.8 million in inflows for the fourth consecutive week.

Investment vehicles focused on blockchain technologies also saw a positive trend, accumulating $105 million in inflows, driven by the seeding and launch of several new ETFs in the U.S. market.

Matt Hougan, Chief Investment Officer of Bitwise, recently expressed interest in launching ETFs centered on meme cryptocurrencies, suggesting that assets like Shiba Inu (SHIB) or Dogecoin (DOGE) may soon become available for investment, offering investors additional options.

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