As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I can confidently say that the recent surge in Bitcoin ETF inflows is a clear sign of a bullish trend. The influx of over $2.8 billion in just four days speaks volumes about the growing institutional interest in Bitcoin and its potential to surpass the $100K barrier.
On November 21st, there was a notable increase in investments into U.S.-based Bitcoin ETFs, as Bitcoin approached potentially surpassing the $100,000 mark.
Based on SoSoValue’s data, Bitcoin ETFs saw a whopping $1 billion poured in on Thursday, making it their fourth consecutive day of inflows. This four-day streak has amassed a total of approximately $2.8 billion. Remarkably, the inflow recorded on November 21 was the largest in the past eight trading days, outperforming the $1.11 billion recorded on November 11.
On Thursday, for the second day in a row, BlackRock’s IBIT fund was at the forefront, receiving approximately $608.41 million. Since its debut, the fund has accumulated a total net inflow of around $30 billion.
In addition, Fidelity’s FBTC and Bitwise’s BITB substantially boosted the total, bringing in approximately $300.95 million and $68 million respectively. Furthermore, ARK and 21Shares’ ARKB, Grayscale Bitcoin Mini Trust, Franklin Templeton’s EZBC, and VanEck’s HODL also contributed positively to the trend, reporting inflows of around $17.18 million, $6.97 million, $5.7 million, and $5.56 million respectively.
On that particular day, Grayscale’s GBTC was the unique investment product showing withdrawals of approximately $7.81 million, pushing its cumulative net outflows since inception to a staggering $20.26 billion. In contrast, all other Bitcoin ETFs reported no transactions for the day.
The total trading volume for these ETFs reached an impressive $7.1 billion today, marking a substantial increase compared to the $5.09 billion traded yesterday. Notably, BlackRock’s IBIT specifically experienced a whopping $5.22 billion in trading activity.
As a researcher, I observed a substantial surge in inflows on Thursday, coinciding with Bitcoin hitting an unprecedented high of $99,261, barely missing the $100,000 mark by approximately $3,740. This close call has left analysts and experts optimistic that Bitcoin will soon break through this significant milestone within the coming week. The anticipation is that this achievement could potentially draw even more investor focus towards Bitcoin Exchange-Traded Funds (ETFs).
According to Georgii Verbitskii, the founder of TYMIO, Bitcoin ETFs are currently quite sought-after and are expected to become even more popular. This increased popularity could occur especially if Bitcoin exceeds $100,000, as this would likely attract greater interest from mainstream media and investors.
Kadan Stadelmann, the CTO of Komodo Platform, shared with crypto.news his view that Bitcoin Exchange-Traded Funds (ETFs) have limited historical precedent. He emphasized that the recent inflows into these ETFs surpassed Bitcoin’s supply issuance rate, underscoring its unique resistance to changes in supply, or elasticity.
As a crypto investor, I can see that there’s a strong expectation among us that Bitcoin ETFs will outperform gold ETFs in the long run, with their net assets poised to exceed those of gold ETFs.
Kadan Stadelmann, chief technology officer at Komodo Platform
Ethereum ETF outflows slow down
On November 21st, there was a notable decrease in investments from Ethereum ETFs, with a total of $9.05 million withdrawn, contrasting the $33.47 million outflows observed on the preceding trading day.
On that particular day, most of the withdrawals occurred from Grayscale’s ETHE, amounting to about $27.08 million. Additionally, Grayscale Ethereum Mini Trust reported a withdrawal of approximately $4.11 million.
The flows going out were partly balanced by funds flowing into Fidelity’s FETH, Bitwise’s ETHW, and VanEck’s ETHV, with these entities receiving inflows of approximately $16.79 million, $2.89 million, and $2.46 million each.
Verbitskii proposed that Ethereum might experience its most robust period in the future, especially if regulatory situations improve, possibly “under a Trump administration.” He pointed out that the DeFi ecosystem has been subject to regulatory pressures that have slowed its development. With a more defined regulatory structure, an ETH Exchange-Traded Fund (ETF) could witness “rapidly increased adoption.
Currently, Bitcoin (BTC) has increased by 1.8% over the past day, with its value standing at around $98,945. On the other hand, Ethereum (ETH) experienced a significant boost of 8.1%, and is being traded at approximately $3,369.
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2024-11-22 10:20