United

Bitcoin ETF

Bitcoin

Spot

On September 13th, spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded the highest single-day inflows since July. This slight increase in inflows, with BlackRock’s IBIT remaining relatively stable, signals a rare recovery in the market.
This change in market direction comes as market participants anticipate a notable interest rate cut from the Federal Reserve soon. This trend reflects growing investor interest and confidence in the cryptocurrency market.
<h2 id="b-us-bitcoin-etfs-rebounds-from-negative-trends-b">US Bitcoin ETFs Rebounds from Negative Trends</h2>
Bitcoin ETFs are digital investment product that gives exposure to digital assets. Bitcoin had a remarkable day, with the strongest inflows in almost two months on Friday. These ETFs had a daily net inflow of $263.1 million despite BlackRock’s IBIT not seeing any inflows. This sudden inflow in a single day follows the <a href="https://thecoinrise.com/spot-bitcoin-etfs-trigger-581-million-in-inflows-these-altcoins-are-the-top-choices-for-2024/" rel="noopener noreferrer nofollow">highest since the notable $581 million inflow</a> recorded in July.
This significant inflow came after the digital investment product <a href="https://thecoinrise.com/spot-bitcoin-etfs-break-8-day-outflow-trend-with-117m-inflow/" rel="noopener noreferrer nofollow">experienced a robust comeback with a flow of $117 million</a> recently. At the time, it marked a <a href="https://thecoinrise.com/spot-bitcoin-etfs-see-largest-outflows-streak-since-launch/" rel="noopener noreferrer nofollow">turnaround from its largest outflow ever witnessed.</a>
<h2 id="b-fidelity-s-fbtc-leads-the-pack-b">Fidelity’s FBTC Leads the Pack</h2>
In the past weeks, the current largest fund by assets under management (AUM), BlackRock’s IBIT, has only experienced $9.1 million in outflows, with most days showing no net trading activity.&nbsp;
Meanwhile, Fidelity’s FBTC experienced a significant $102.1 million influx on Friday, with Ark &amp; 21Shares’ ARKB following closely with $99.3 million flowing in. Bitwise’s BITB recorded the third-highest inflow at $43.1 million. Additionally, several other funds, such as Grayscale’s GBTC, Franklin’s EZBC, VanEck’s HODL, and Valkyrie’s BRRR, also saw modest gains, while the remaining funds did not report significant inflows or outflows.&nbsp;
Recently, Bitwise’s CEO, Hunter Horsley, <a href="https://thecoinrise.com/bitwise-cio-matt-hougan-political-embrace-of-bitcoin-signals-even-greater-potential/" rel="noopener noreferrer nofollow">shared his positive outlook on the future of Bitcoin and crypto</a>, noting the growing support from political candidates for the digital asset.
<h2 id="b-market-traders-eyes-increase-interest-rate-b">Market Traders’ Eyes Increase Interest Rate&nbsp;</h2>
The recent surge in daily investments in US Bitcoin ETFs comes as Bitcoin is on the verge of breaking the $60,000 mark.&nbsp;
With the digital asset potentially on the rise, traders are eagerly anticipating the Federal Reserve’s interest rate announcement, which is set to be revealed by September 18. According to CoinMarketCap data, Bitcoins are trading at $59,979.48, 0.76% in the last 24 hours.&nbsp;
CME FedWatch said there is a high probability that 25 or 50 basis points will cut the new rate. It was added that the rate stayed the same for more than a year after being raised to 525-550 basis points on July 26, 2023.&nbsp;
As traders anticipate the interest rate hike, MicroStrategy recently <a href="https://thecoinrise.com/microstrategy-adds-18300-btc-to-its-bitcoin-reserves/" rel="noopener noreferrer nofollow">expanded its portfolio with an additional 18,300 BTC</a> valued at about $1.1 billion.
The post <a href="https://thecoinrise.com/spot-bitcoin-etfs-break-another-major-outflow-streak-with-263m-inflow/" rel="noopener noreferrer nofollow">Spot Bitcoin ETFs Break Another Major Outflow Streak With $263M Inflow</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Spot Bitcoin ETFs Break Another Major Outflow Streak With $263M Inflow

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