Franklin Templeton’s Bitcoin ETF Sees Inflows
Among the other funds making headlines, Franklin Templeton’s Bitcoin ETF saw its inflows reach a record high of $60.9 million.
Meanwhile, Fidelity’s Wise Origin Bitcoin Fund led the day’s inflows with an impressive $102.6 million, followed closely by the Bitwise Bitcoin Fund with $33.5 million and the Invesco Galaxy Bitcoin ETF with $33.2 million.
The crypto community has been buzzing with speculation regarding how this turn of events might influence the price of Bitcoin.
Pseudonymous crypto investor DivXman noted that GBTC had been a primary source of sell pressure across all spot Bitcoin ETFs but hinted at a possible shift in dynamics.
He suggested that decreased sell pressure and increased demand might result from ETFs collectively buying more BTC than miners can create.
Echoing this sentiment, crypto trader Jelle predicted to his followers that Bitcoin’s new all-time high could be on the horizon, citing the significant inflows into Grayscale’s ETF as a bullish indicator.
Reacting to the news, crypto trader Jordan Lindsey emphasized the impact on Bitcoin’s price, indicating that it was evidently responding to both outflows and inflows.
Indeed, Bitcoin’s price surged by 4.91% over the past 24 hours to reach $62,840 at the time of publication, according to CoinMarketCap data.
