The cryptocurrency market continued to attract significant investment as U.S. spot Bitcoin ETFs reported net inflows of $365.5 million on Thursday, marking the sixth consecutive day of positive movement. Led by Ark Invest and 21Shares, this inflow streak highlights the rising interest in Bitcoin and other risk assets as global markets remain optimistic.
Positive Net Inflows Across Leading Bitcoin ETFs
Thursday’s inflows were the largest since July, with Ark Invest and 21Shares’ ETF, ARKB, recording the highest inflow of $113.8 million, according to Sosolvalue data. BlackRock’s IBIT, the largest U.S. spot Bitcoin ETF by net assets, followed closely behind with $93.4 million in net inflows, while Fidelity’s FBTC contributed $74 million to the total.
Other notable inflows included Bitwise’s BITB with $50.4 million and VanEck’s HODL with $22.1 million. Several smaller funds, including those from Valkyrie, Invesco, Franklin Templeton, and Grayscale’s Bitcoin Mini Trust, also saw positive inflows. However, Grayscale’s GBTC was the only fund to report a net outflow, with $7.73 million moving out of the ETF.
The cumulative trade volume among the 12 funds on Thursday totaled $2.43 billion, representing the highest daily trade volume since late August. With these inflows, the total net inflows for U.S. spot Bitcoin ETFs since their launch have surged to $18.31 billion, underlining the growing appetite for exposure to Bitcoin.
Global Market Conditions Boost Risk Assets
Thursday’s net inflows came amid a broader rally in global markets, driven by a series of positive economic signals. Augustine Fan, Head of Insights at SOFA.org, pointed to a wave of stimulus measures in China aimed at revitalizing its struggling economy. These efforts, combined with new all-time highs in U.S. equities, have bolstered investor confidence across risk assets, including cryptocurrencies.
“This synchronized easing of global monetary policies is reminiscent of the easy-money era of quantitative easing (QE),” said Fan. “Many macro observers are turning bullish, believing this rally could have staying power, especially with minimal downside catalysts in sight.”
Bitcoin’s price has reacted positively, rising 2.9% in the past 24 hours to $65,930.96, its highest since July. As investor sentiment shifts toward a “buy the dip” mentality, analysts predict continued upward momentum in the coming months, particularly as the crypto market approaches the anticipated bull run of 2024.
Ethereum ETFs See Mixed Results
While Bitcoin ETFs saw strong inflows, Ethereum ETFs experienced more mixed results. Grayscale’s ETHE fund reported a significant net outflow of $36 million on Thursday, despite other funds seeing inflows. Fidelity’s FETH and BlackRock’s ETHA ETFs posted net inflows of $15.9 million and $14.8 million, respectively. Invesco’s QETH saw smaller inflows of $2 million, with Bitwise, VanEck, and 21Shares’ Ethereum funds posting less than $1 million in inflows each.
In total, Ethereum ETFs registered a daily trade volume of $257.4 million, more than doubling the previous day’s $124.2 million. However, since their debut in July, Ethereum ETFs have seen total net outflows of $581.61 million, indicating a less bullish sentiment around Ethereum compared to Bitcoin.
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Outlook for Bitcoin and Altcoins in the Lead-up to Bull-Run 2024
As the cryptocurrency market approaches bull-run 2024, the sustained inflows into Bitcoin ETFs underscore the growing confidence among institutional and retail investors. With U.S. equities hitting new highs and global markets showing resilience, Bitcoin and altcoins like Ethereum could see further price appreciation in the months ahead.
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Conclusion
The strong inflows into U.S. spot Bitcoin ETFs signal renewed optimism in the crypto market, driven by favorable global economic conditions and bullish investor sentiment. As Bitcoin remains above $65,000 and market anticipation builds toward bull-run 2024, investors are closely watching these inflow trends as a potential harbinger of continued growth in both Bitcoin and altcoins.
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