Key facts:
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In the case of spot ETFs, they are backed directly by Bitcoin (BTC).
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Ether (ETH) ETFs, on the other hand, are not having a good week.
US bitcoin (BTC)-based exchange-traded funds (ETFs) posted their fifth consecutive day of net inflows.
On Wednesday, these financial instruments Together, they recorded positive flows of 39 million dollars.
According to data from SosoValueOf the 11 ETFs on the market, the Grayscale Bitcoin Trust (GBTC) was the one that had the most inflows on Wednesday with more than 14 million dollars. One step below are the instruments of Fidelity Wise Origin Bitcoin Fund (FBTC) and the Bitwise Bitcoin ETF (BITB) of Bitwise (BITB), which had positive flows of 10 million dollars.
BlackRock’s iShares Bitcoin Trust (IBIT) also performed well over the past day, reporting $8 million in inflows.
Since its market launch in January 2024, ETFs of bitcoin They have accumulated a total of more than 17,000 dollars in tickets.
Money inflows and outflows in bitcoin ETFs. Source: SosoValue.
The good performance of these tools financial contributed to that BTC returns to trading above $61,000. At the time of publication of this note, the Ethereum-moneda-nacional-calculadora/” target=”_blank” rel=”noreferrer noopener”>price of the digital currency is $60,249.
BTC price so far in 2024. Source: TradingView.
As CriptoNoticias already reported, the price of the digital currency is impacted by the performance of the ETFs. operation that they have, Issuing companies need to hold bitcoin to maintain adequate backing for these funds.
That is to say, if there is a high demand for these funds, these firms must go out into the market to buy BTC and, by the law of supply and demand, the price will rise.
Ethereum ETFs in the red
For their part, exchange-traded funds based on ether (ETH), the Cryptocurrency of the network Ethereumhave accumulated five days of money outflows. This is the longest negative streak since its launch on the market July 22, 2024.
Inflows and outflows into ether ETFs. Source: SosoValue.
Grayscale Ethereum Trust (ETHE) was the only fund to see negative inflows of over $31 million. Fidelity’s (FETH) instrument saw inflows of $7 million.
BlackRock’s iShares Ethereum Trust (ETHA) reported no inflows or outflows of money during the last day. However, it is worth noting that this fund is the only one that has raised more than $1 billion since it came on the market.
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