Fund flow into Bitcoin (BTC) linked exchange-traded funds (ETFs) suggests US investors are bullish on the crypto. On Thursday alone, they poured $365 million into spot Bitcoin ETFs, pushing this week’s total over $600 million. Ethereum (ETH) linked ETFs also recorded positive flow this week, the first in a long time.
The funds that flowed into BTC ETFs helped the digital asset reclaim the pivotal $65,000 level with a jump of around 2% in the last 24 hours. Ether has also held up at the $2,600 zone, looking for a breakout to breach $2,700.
$365M poured into Bitcoin ETFs
As per the data shared by SoSoValue, Bitcoin spot ETFs posted a total net inflow of $365.57 million on September 26. This marks 6 consecutive days of net inflow for these ETFs, which last reported a negative outflow of $52.83 million on September 18 when it broke a 4-day streak.
The $365 million inflow marks a two-month high for spot Bitcoin ETFs, and it was majorly driven by ARK 21Shares’ ARKB which attracted $113.8 million yesterday. BlackRock’s IBIT also saw an inflow of $93.38 million.
Meanwhile, Grayscale’s GBTC is still losing value. It posted an outflow of $7.7 million which stood out as the only fund with a red index.
Bitcoin ETFs have now amassed a cumulative inflow of $611 million for the week with Friday trading session number expected to be available on September 28.
Overall, it has been a good month for these funds. The week that ended September 13 saw $403 million of inflow, while the week that ended September 20 recorded $397 million.
Bitcoin price is up by over 9% in the last 30 days. BTC is trading at an average price of $65,787 as of press time.
Ether ETFs set for breakthrough?
Ether-linked ETFs are looking to get on track. The current week can turn out to be a breakthrough period for these investment funds. So far, this week has seen a positive inflow of $25.86 million, pending the release of Friday trading data.
The last six weeks have been a trying period for ETH investors as the crypto has printed major red indexes throughout that period. On September 26, the total net outflow of Ether ETFs stood at $675,500.
Grayscale’s ETHE had an outflow of $36 million, while Fidelity’s FETH had an inflow of $15.92 million, and BlackRock’s ETHA had an inflow of $14.85. Grayscale’s ETH ETF still looks to be stuck with a lot of selling pressure.
Ether price has seen a surge of over 5% in the last 30 days. ETH is trading at an average price of $2,659 as of press time.
Source: https://www.cryptopolitan.com/bitcoin-etfs-pull-in-365m-eth-joins/