The hottest topic in the cryptocurrency space yesterday was the topic about spot Solana ETFs. The file presented by VanEck appeared as a surprising development for the crypto industry. Following the development, while Bitcoin rose above the $62,000 level, there was an increase of nearly 10 percent in the price of Solana. At this point, the partial improvement in prices has brought about some inflows on the spot Bitcoin ETF front.
Latest Situation in Spot Bitcoin ETFs
When we look at the closing figures of spot #Bitcoin ETFs in the USA yesterday, we see that there were inflows of a total of 11.8 million dollars, which is a small number compared to other days. The only ETF with outflows in response to these inflows was Grayscale's Bitcoin ETF. The exit from Grayscale was $11 million. When there were inflows into other ETFs, the day was closed in a positive manner.
What was interesting about yesterday's numbers was the lack of inflows into BlackRock. There were no entries on the previous day and the same ETF had withdrawn zero. When zero was withdrawn yesterday, the carriers became other spot Bitcoin ETFs.
The Biggest Entry Was to Bitwise
On the Spot Bitcoin ETF front, we see that the largest entry was in Bitwise's Bitcoin ETF with $8 million. SoSoValue figures show us that Fidelity made the second largest entry with $7 million.
While Franklin recorded an inflow of $4 million, Invesco recorded an inflow of $3 million and Ark Invest recorded an inflow of $2 million. There was no inflow to other Bitcoin ETFs and they closed the day with zero figures.
What is the Bitcoin Price?
While writing the article, we see that the price of cryptocurrency Bitcoin is trading at $61,518. Bitcoin rose to the highest level of $62,389 in the last 24 hours. BTC seems to have quickly returned to its own range.
I should not point out that an important factor that will support the Bitcoin price will be the Fed's interest rate cuts. However, there are approaches that interest rate cuts will occur in December at the earliest.
Normally, last year it was said that interest rate cuts would come for May and June 2024, but it seems that the date has been deviated by approximately 6-7 months. This means that the duration of the possible bull season in Bitcoin and cryptocurrencies will be postponed or last longer.
