The 11 Bitcoin ETFs pulled in a staggering $755 million ending three days of consecutive outflows.
The Bitcoin ETFs recorded no outflow for the day with inflows playing a key role in pushing Bitcoin price above $100,000 for the first time in a while.
Yesterday recorded a serious improvement in investor activity with nine out of the 11 Bitcoin ETFs recording transactions.
All nine ETFs involved recorded inflows with no single outflow recorded. This continues the cycle of extreme investor activity detected in both ETF products this year.
Farside Investors UK revealed that Fidelity’s FBTC surpassed Blackrock’s IBIT yet again in inflows pulling in $463 million.
Ark 21 shares ARKB followed suit with a $138.8 million outflow.
Grayscale’s GBTC, Bitwise BITB, and Blackrock’s IBIT recorded inflows below $100 million.
The Three funds pulled in $50.5 million, $32.7 million, and $31.7 million respectively.
VanEck’s HODL and Grayscale BTC stood in the third category of inflows pulling in $17 million and $13.7 million in inflows.
Finally, Investco’s BTCO and Franklin EZBC recorded the least inflow for the day pulling in $4.5 million and $2.9 million.
Only Two Bitcoin ETFs recorded no transactions for the day a far cry from the previous days.
Bitcoin Price Analysis
Bitcoin surged above $100,000 for the first time in a while yesterday following positive inflation numbers and increased institutional inflows.
The Bitcoin ETFs pulled in a staggering $755 million yesterday the highest amount in a week.
Bitcoin at the moment is exchanging hands for $99,209 surging by 0.9%. The crypto asset is up approximately 8% on a 7-day scale.
Bitcoin’s surge can be attributed to recent Consumer Price Index (CPI) data indicating cooling inflation, suggesting that the Federal Reserve may lower interest rates.
Other factors include growing institutional investor inflows as investors increasingly see Bitcoin as a hedge against economic uncertainty.
