Spot Bitcoin exchange-traded funds in the United States have been seeing increased investor confidence as the cumulative net inflows reach a new all-time high.
According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs recorded a net inflow of $202.6 million on Aug. 26. The total net inflows in the investment products surpassed the $18 billion mark.
The COO of Bitget Wallet Alvin Kan told crypto.news that âinvestors are likely turning to more stable assets.â
âThe trend reflects investorsâ confidence in Bitcoin, which will help drive the price of Bitcoin and the stability of the market in the longer run.â
Alvin Kan, the COO of Bitget Wallet, talking on spot BTC ETFsâ inflows.
Notably, most of the inflows, worth $224.1 million, came from BlackRockâs IBIT. Per Farside Investors, Franklin Templetonâs EZBC and WisdomTreeâs BTCW recorded $5.5 million and $5.1 million in inflows, respectively.
On the other hand, Bitwiseâs BITB, Fidelityâs FBTC and VanEckâs HODL funds saw $16.6 million, $8.3 million and $7.2 million in outflows. The remaining spot BTC ETFs stayed neutral.
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Despite the increasing inflows into spot Bitcoin products, the assetâs price declined by 1.3% in the past 24 hours and is trading at $63,000 at the time of writing.Â
The COO of Bitget Wallet, formerly known as BitKeep, believes that BTCâs bullish momentum majorly depends on the U.S. Federal Reserveâs rate cuts. This could also help the market to become âfully active,â he added.
âIn the short term, the Federal Reserveâs announcement of potential rate cuts could lead to increased market liquidity, a shift in investor behavior towards riskier assets, and potential volatility due to ongoing geopolitical tensions.âÂ
Alvin Kan, the COO of Bitget Wallet, told crypto.news.
While Bitcoin ETFs have been thriving, spot Ethereum (ETH) ETFs in the U.S. saw their eighth consecutive day of net outflows yesterday. Per data from Farside Investors, these investment products registered $13.2 million in net outflows, coming from ETHE, FETH and EZET.
Ethereum slipped by 1.7% over the past day and is currently changing hands around the $2,700 mark.
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