Last week, the inflow into U.S. Bitcoin exchange-traded funds experienced a significant increase of approximately 475%, likely driven by anticipation of a more favorable stance towards cryptocurrency under the new administration led by President-elect Donald Trump.
Based on figures from Farside Investors, there was a significant surge of approximately $1.8 billion into Bitcoin ETFs numbering 12 during the last week. This represents an impressive jump of around 475% compared to the $312.8 million inflows seen in the preceding week.
Significantly, investment products started the week of January 13th through January 17th with two successive days of withdrawals, totaling approximately $494 million from the funds. This was primarily due to a cautious market attitude towards crypto, sparked by robust payroll figures that led to an increase in bond yields.
Over the ensuing three days, I observed a significant surge in investments towards BTC ETFs, amounting to over $2.3 billion. This influx occurred as Bitcoin started its rebound from approximately $91k and surpassed the $100k mark once again. This trend emerged as the crypto community looked forward to a potentially more cryptocurrency-friendly administration following President Trump’s move into the Oval Office.
The so-called pro-crypto head of state has earlier proposed setting up a strategic Bitcoin reserve within the government, aimed at strengthening the U.S. economy. Furthermore, whispers are spreading that when he assumes office, this president might initiate an executive order, categorizing cryptocurrency as a top national concern.
On the optimistic front in the cryptocurrency world, a total of $975.6 million flowed into 12 Bitcoin ETFs on Friday, January 17th. This surge was primarily driven by BlackRock’s IBIT, which drew in an impressive $375.9 million, and Fidelity’s FBTC, which attracted $326.3 million.
[List of remaining BTC ETFs with inflows]
- Grayscale Bitcoin Mini Trust: $21.8 million.
- Grayscale’s GBTC: $20.8 million.
- VanEck’s HODL: $11.9 million.
- Invesco Galaxy’s BTCO: $6.3 million.
- WisdomTree’s BTCW: $4.5 million.
On January 17th, the combined Bitcoin ETF trading volume amounted to a substantial $5.44 billion, noticeably greater than the $2.74 billion traded the day before.
During January 19th, the leading cryptocurrency, Bitcoin, showed significant fluctuations, plunging approximately 6% from a peak of $106,300 to around $99,700. This downturn coincided with a broader market turbulence that led to $1.18 billion in liquidations, as per CoinGlass data. Nevertheless, at the time this statement was written, Bitcoin had managed to recoup some of its losses, largely due to optimism stirred by anticipation for Trump’s potential crypto executive order and expectations of a more favorable regulatory climate.
Today, Bitcoin (BTC) saw a 2.3% decrease, currently being traded for approximately $102,502 per unit as we speak.
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2025-01-20 11:40