Bitcoin ETFs saw inflows for the seventh consecutive day, with the highest value since early June.
Bitcoin ETF welcomes inflow of nearly half a billion USD, BTC price returns to 66,500 USD
According to data from Farside Investors , US Bitcoin ETFs extended their winning chain on September 27 with inflows of $494.4 million — the highest since $886 million in early June.
Statistics on inflow/outflow of Bitcoin ETFs. Source: Farside Investors (September 28, 2024)
There were 3 ETFs that recorded inflows of hundreds of millions of USD in the just-ended trading session, led by ARKB's 203 million USD, followed by FBTC's 123.6 million USD and IBIT's 111 million USD. The remaining funds only achieved inflows of 10-26 million USD, or were inactive.
This is the 7th consecutive day that Bitcoin ETFs have received impressive inflows, and the 4th consecutive day that inflows have been in the hundreds of millions of dollars.
In total, the total value spent on Bitcoin ETF purchases last week reached $1.1 billion , returning to parity with mid-July .
Bitcoin price during this period increased from 62,400 USD to 66,500 USD, the highest level since the end of July, mainly due to the Fed's decision to cut interest rates for the first time in 4 years , creating optimism among both stock and crypto investors.
1h chart of BTC/ USDT pair on Binance exchange at 11:00 AM on 09/28/2024
Meanwhile, Ethereum ETFs also had an inflow on September 27 with a value of 58.7 million USD , and the total cash flow in/out of the week was positive at 84.6 million USD . Although this number is much lower than that of Bitcoin ETFs, it is still a positive signal for the world's second largest cryptocurrency after a chain of continuous sell-offs in July, August and September.
Statistics on inflow/outflow of Ethereum ETFs. Source: Farside Investors (September 28, 2024)
ETH price also recovered slightly from $2,625 to $2,730 on the evening of September 27.
1h chart of ETH/ USDT pair on Binance exchange at 11:00 AM on 09/28/2024
Coin68 synthesis
Join the discussion about the HOTTEST issues of the DeFi market in the Fomo Sapiens chat group with Coin68 admins!!!
