The US Bitcoin Exchange-Traded Funds (ETFs) experienced an inflow of $28.7 million on 9 September 2024. The inflows is a positive indicator of growing investor confidence in Bitcoin.
This influx of capital marks a notable shift in investor sentiment. Before that, 11 spot Bitcoin ETFs in the US witnessed combined net outflows of $1.2 billion over an eight-day period.
Related: US Spot Bitcoin ETFs See $1.2 Billion In Net Outflows Over Eight Days
A Run Of Eight Days Of Outflows Has Finally Halted
With net inflows of $28.6 million, Fidelity Wise Origin Bitcoin Fund (FBTC) took first place. However, the company shed over $400 million from its fund since 28 August 2024.
According to SoSo Value, along with FBTC, the ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB) and the Invesco Galaxy Bitcoin ETF (BTCO) also recorded inflows.
However, the Grayscale Bitcoin Trust (GBTC) continued its trend of outflows, with $22.76 million being dropped. With GBTC’s cumulative net outflows having topped $20 billion, it appears that there would be no relief in sight.
Meanwhile, Ethereum ETFs remain in red with net outflows amounting to $5.2 million on 9 September 2024 alone.
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Spot BTC ETFs Last Saw Inflow On 26 August
Bitcoin spot ETFs post $28.6m inflow, ending their long losing streak 💥✅
The last time they saw inflow was 26 August, they have seen over $1.2bn in outflow since 🤯 pic.twitter.com/9oeDeNeAm0
— CryptoSavingExpert ® (@CryptoSavingExp) September 10, 2024
The approval and launch of Bitcoin ETFs in the US have been pivotal in legitimizing Bitcoin as an asset class. Out of the 400 new ETFs launched in 2024, the top four are all spot Bitcoin ETFs.
They provide a regulated and accessible way for investors to gain exposure to Bitcoin, thereby increasing its adoption and integration into the mainstream financial system.
The cryptocurrency market has shown signs of recovery after a period of volatility. Investors may be capitalizing on this upward trend by increasing their exposure to Bitcoin.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
