After a challenging week marked by persistent outflows, U.S. spot Bitcoin ETFs saw a positive shift with $31 million in net inflows recorded on Tuesday. This turnaround breaks a seven-day streak of net outflows across the spectrum of 11 bitcoin funds.
Read CRYPTONEWSLAND onLeaders and Laggards in Fund Flows
Fidelity’s FBTC emerged as the leader on Tuesday, attracting $49 million in inflows. Following suit, Bitwise’s BITB added $15 million. Conversely, Grayscale’s GBTC experienced significant withdrawals, facing net outflows of $30.3 million.
Ark Invest and 21Shares’ ARKB also reported outflows totaling $6 million. Interestingly, BlackRock’s IBIT, despite its substantial trade volume of $1.1 billion, reported zero net flows, reflecting a mixed sentiment in the market.
Moreover, as the crypto industry continues to evolve, attention is now shifting towards the potential launch of spot ether ETFs in the U.S. Following a tentative nod from the SEC, issuers have been actively updating their registration statements in anticipation.Senior Bloomberg ETF analyst, Eric Balchunas, suggests that these could hit the market as soon as next week.
Matt Hougan of Bitwise anticipates that spot ether ETFs could draw $15 billion in inflows within the first 18 months of their U.S. debut, underscoring the market interest in diversified cryptocurrency investment options.
The recent influx in Bitcoin ETFs might signal a renewed investor confidence, hinting at a more robust performance in the coming months. Meanwhile, the anticipation surrounding ether ETFs continues to build, potentially setting the stage for another significant development in the cryptocurrency investment landscape.
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