As a seasoned researcher with a penchant for the volatile world of cryptocurrencies, I find myself constantly intrigued by the ebb and flow of investor sentiment, particularly as it pertains to Bitcoin and Ethereum ETFs. The data from Nov. 27 was a fascinating study in market dynamics.
As a crypto investor, I observed an increase in inflows to U.S. spot Bitcoin exchange-traded funds on November 27. This surge can be attributed to the positive shift in investor sentiment towards Bitcoin, which was spurred by its impressive rally approaching the $100K mark.
Based on figures from SoSoValue, Bitcoin ETFs experienced a total inflow of approximately $103.09 million on November 27th, marking an end to a two-day streak where a combined $561 million was withdrawn from these funds.
In this instance, Bitwise’s BITB saw the largest influx with approximately $48.05 million, and Fidelity’s FBTC came in a close second with inflows of around $40.24 million. Grayscale Bitcoin Mini Trust and Franklin Templeton’s EZBC added roughly $11.99 million and $2.81 million to their respective funds.
The remaining eight Bitcoin ETFs recorded no flows on the day.
On November 27th, the combined trading volume for all 12 Bitcoin ETFs amounted to $4.59 billion, mirroring the trading activity from the preceding day.
Investment into Bitcoin ETFs increased again as investor confidence grew, and there was less evidence of selling for profits, indicating that investors were eager to drive Bitcoin’s price closer to the $100,000 mark.
In simpler terms, within the last 24 hours, the price of Bitcoin (BTC) increased by 3%. It is currently being traded at around $95,484. Earlier in the day, it even touched the level of $97,000, but then fell back. This upward trend appears to be fueled by approximately $56.85 million worth of Bitcoin positions that were liquidated during this period.
On November 27th, the Ethereum ETFs saw a fourth straight day of investments, taking in approximately $90.1 million.
In a recent inflow of funds into the Ethereum market, Fidelity’s FETH took the lead with an investment of approximately $38.01 million. This was closely followed by the Grayscale Mini Ethereum Trust with $37.29 million. The VanEck ETHV and Bitwise ETHW also contributed significant amounts, with $13.25 million and $1.56 million respectively.
None of the Ethereum ETFs reported outflows on the day.
Over the past day, the price of Ethereum (ETH) has climbed by 5.2%, currently trading at approximately $3,598 per coin as we speak.
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2024-11-28 10:48