Spot Bitcoin ETFs, on September 09, 2024 (Eastern Time), saw an inflow after eight days of outflows. It is interesting to note that the positive flow came in despite BlackRock banking an outward movement of $9.1 million. Grayscale stands firm on the trend that it set at its inception. This pertains to constantly losing weight, with the last number coming at around $22.8 million.
FBTC by Fidelity and BITB by Bitwise held the flag high with inflows worth $28.6 million and $22 million, applicable in the same order. They had witnessed numbers move out yesterday. Fidelity’s streak commenced on August 26, 2024. Bitwise saw something similar but was able to snap out of it on September 4, 2024. That was the day when it booked an inflow of $9.5 million.
The net asset value of Spot Bitcoin ETFs is $51.31 billion, with a net asset ratio of 4.56%. The cumulative net inflow is $16.92 billion.
BlackRock’s IBIT has a total inflow of more than $20 billion. That is a psychological mark that is important for the issuer to sustain. It is attempting to defend the $1 billion mark in the Spot Ether ETF. The margin is still around $17 million in that segment; however, the next report of outflow could blow up badly.
That said, BTC is exchanging hands at $57,231.75, up by 4.10% in the last 24 hours. The flagship cryptocurrency is inching closer to $60k after experiencing heavy declines during the market crash, which happened in the middle of August. Both political parties are contributing positively to the token by offering assistance with policies. Needless to say, Trump has come around to practically launching his NFT series, while Harris has yet to demonstrate something on that line.
The rate cut by the Federal Reserve is another factor that is coming into play. The expected cut is 25 bps. An alternate possibility is 50 bps; the actual cut will eventually be determined after examining the unemployment report and recession probability. Near-term projections for BTC build trust in the token and its ETF product. The next 5 days could see BTC jump to 67,905 for a rise of $19.49%. The token’s value might increase by 41.31% during the next 30 days, reaching $80,307.
Meanwhile, the adoption of Bitcoin and the associated technology are helping BTC to stay strong. For instance, Russia has navigated its way around international sanctions by taking up Bitcoin Mining. Reports claim that the country legalized the process as a well-thought-out economic strategy to boost revenues.
It is uncertain whether Spot Bitcoin ETFs will maintain inflows or if they will commence another period of outflows on the charts.
Source: https://www.cryptonewsz.com/bitcoin-etfs-experience-28-6m-inflow-breaking-8-day-outflows/