Bitcoin ETF Inflows Top $500M For First Time This Year, On Track To Break Record Outflow Streak
Synopsis
Bitcoin and Ethereum ETFs are on track for their first week of net inflows after five straight weeks of outflows – the longest on record.
- Bitcoin spot ETFs have attracted about $560 million so far this week, led by BlackRock’s IBIT.
- Ethereum spot ETFs have posted $117 million in weekly inflows so far, with Fidelity’s FETH leading the gains.
- Retail sentiment on Stocktwits improved for Bitcoin but remained cautious for Ethereum despite the rally.
Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds are on track to record their first week of net inflows in the green after logging outflows for the last five weeks.
This has been the longest stretch of outflows for both Bitcoin and Ethereum spot ETFs since their inception. For Bitcoin, this was the first time this year that daily net inflows topped $500 million.
Bitcoin ETF Demand Rebounds After Five-Week Slump
According to data from SoSoValue, Bitcoin spot ETF inflows stood at $560 million so far this week, after over $500 million came in on Tuesday. BlackRock’s iShares Bitcoin ETF (IBIT) led the gains, accounting for around $300 million of the total, followed by the Grayscale Bitcoin Trust (GBTC) at around $100 million.
On Stocktwits, retail sentiment around IBIT remained in ‘bullish’ territory over the past day, while retail sentiment around GBTC continued to trend in the ‘bullish’ zone. Both funds were down over 1% each in after-hours trade as Bitcoin pared its gains.
Bitcoin’s price was trading at around $68,000 on Thursday morning, down after crossing the $69,000 on Wednesday, but still up 4.1% in the last 24 hours. Retail sentiment around the apex cryptocurrency improved to ‘bullish’ from ‘neutral’ territory over the past day, but chatter remained at ‘low’ levels.
Ethereum ETF Inflows Build While Retail Sentiment Lags
Ethereum Spot ETF inflows stood at $117 million for this week after over $106 million of daily net inflows on Tuesday. The Fidelity Ethereum Fund (FETH) led gains with over $60 million of capital coming in, followed by the Grayscale Ethereum Fund (ETHE) clocking around $34 million in daily net inflows.
Retail sentiment on Stocktwits around FETH remained in ‘bearish’ territory with chatter at ‘high’ levels over the past day. Retail sentiment around ETHE, however, improved to ‘bullish’ from ‘neutral’ territory over the past day but saw ‘low’ levels of chatter.
Ethereum’s price climbed as high as $2,100, paring gains and holding ground above $2,000, still up by 7.7% in the last 24 hours and outperforming Bitcoin. Unlike Bitcoin, the leading altcoin did not see a notable uptick in sentiment, with the retail mood still trending in ‘bearish’ territory.
Crypto investor and analyst Satoshi Stacker said in a post on X that each uptrend in Bitcoin during the current cycle has been driven by ETF demand. If the current trend continues and these ETFs post positive gains this week, the analyst said it will likely signal a “positive” for the crypto market.
Read also: Coinbase, Binance, Kraken Roll Out Rival Tokenized Stock Products In The Battle For Retail Dollars
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.