Investor confidence in Spot Bitcoin Exchange-Traded Funds in the United States has increased as cumulative net flows reach an all-time record.
As per data Bitcoins are available for purchase from Farside Investors.BTC) ETFs recorded a net inflow of $202.6 million on Aug. 26. Total net inflows of investment products have exceeded the $18-billion mark.
Alvin Kan, the COO at Bitget Wallet, told Crypto.news “investors are likely turning to more stable assets.”
“The trend reflects investors’ confidence in Bitcoin, which will help drive the price of Bitcoin and the stability of the market in the longer run.”
Alvin Kan, COO at Bitget Wallet talking about the spot BTC ETFs inflows.
BlackRock IBIT was the source of most inflows ($224.1 million). Farside Investors reports that Franklin Templeton EZBC’s BTCW and WisdomTree BTCW’s inflows were $5.5 million each.
Bitwise BITB’s FBTC, Fidelity FBTC, and VanEck HODL’s HODL fund saw respective outflows in the amount of 16, 6, 8, and 7, 2 million dollars. Other spot BTC ETFs have remained neutral.
The asset has fallen by 1.3% over the last 24 hours, and currently trades at $63,000.
The Chief Operating Officer of Bitget WalletThis is a former name of BitKeep. It believes BTC’s positive momentum depends largely on the U.S. Federal Reserve’s rate cuts. It could help to make the market more stable. “fully active,” He also added.
“In the short term, the Federal Reserve’s announcement of potential rate cuts could lead to increased market liquidity, a shift in investor behavior towards riskier assets, and potential volatility due to ongoing geopolitical tensions.”
Alvin Kan is the CEO of Bitget Wallet and he told Crypto.news.
Bitcoin ETFs Ethereum has been growing in popularity (ETHYesterday was the eighth consecutive net-outflow day for ETFs. According to data provided by Farside Investors these investment products ETHE FETH and EZET accounted $13.2 millions in net withdrawals.
Ethereum has fallen by 1.7% in the last day, and currently trades at around $2700.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news