Bitcoin (BTC)-based exchange-traded funds (ETFs) in the United States saw net inflows of over $39 million after a day of strong capital outflows.
According to data from SosoValuethe ARK 21Shares Bitcoin ETF (ARKB), managed by ARK and 21Shares, led the money entries with 18 million dollars.
One step below is Fidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC), which saw more than $11 million in inflows in the last day.
Grayscale’s Grayscale Bitcoin Trust (GBTC) was the only ETF that had money outflows with $6 million. Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest fund, has had no net inflows since August 26.
The 12 BTC-based funds accumulate more than 17 billion dollars in tickets since its market launch in January 2024.
Money inflows and outflows in BTC ETFs. Source: SosoValue.
The good performance of the funds of bitcoin was key to the quotation of the digital currency created by Satoshi Nakamoto remained above $58,000At the time of publication of this note, the price of the asset is $58,200.
BTC price so far in 2024. Source: TradingView.
As explained in the Cryptopedia, the educational section of CriptoNoticias, the cash investment products impact on the price of the digital asset due to its operation.
ETF issuers must acquire and hold BTC in their treasuries to back the shares. For that reason, money inflows into the funds boost the currency’s price.
In the event of capital outflows from ETFs, the firms that manage them could sell the surplus BTC, causing downward pressure on its price.
In this way, the amount of BTC available on the market is reduced or increased, which can cause the price to rise or fall.
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