Bitcoin News Today: Bitcoin ETFs See $403 Million Inflows in Nine-Day Streak

U.S. spot Bitcoin exchange-traded funds (ETFs) have extended their streak of consecutive days with net inflows to nine, with a total of $403 million added on Tuesday. This influx of capital marks a significant trend in the investment landscape, with BlackRock’s IBIT leading the charge by attracting $416.35 million in new investments. Following closely was VanEck’s HODL, which saw $19 million in inflows. Other funds, such as Grayscale’s Mini Bitcoin Trust and Bitwise’s BITB, also reported positive inflows for the day.

Despite the overall positive trend, some notable outflows were recorded. Grayscale’s GBTC experienced a loss of $41.22 million, Fidelity’s FBTC saw $23 million exit, and Ark & 21Shares’ ARKB dropped by $6.21 million. These outflows, however, did not deter the overall momentum, as spot Bitcoin ETFs have now accumulated a cumulative total of $53.07 billion in net inflows, with $4.4 billion added over the past nine trading days alone. This surge builds on a strong run that began in April, during which these funds have drawn nearly $17 billion.

Ethereum spot ETFs have also followed suit, marking their eighth straight day of net inflows, with $192.33 million added on Tuesday. This continuous inflow into both Bitcoin and Ethereum ETFs indicates a growing institutional interest in cryptocurrencies. Bitcoin currently trades at $117,373, holding steady near a key support level despite pulling back from a recent all-time high of $123,000 set earlier this week. The stability in Bitcoin’s price can be attributed to various factors, including the lower-than-expected core CPI data, which has prompted speculation that the Federal Reserve may cut interest rates in September. This potential rate cut could lead to a surge in demand for Bitcoin, further bolstering its position in the market.

Last week, U.S.-based spot Bitcoin ETFs recorded over $1 billion in inflows for two straight days. On Friday, 11 spot Bitcoin ETF products reported combined inflows totaling $1.03 billion, following $1.17 billion the previous day. This influx of capital into Bitcoin ETFs highlights the growing institutional interest in the cryptocurrency market. Recently, BlackRock reported earning more revenue from IBIT than from its flagship iShares Core S&P 500 ETF, further underscoring the significance of Bitcoin ETFs in the investment landscape.

Beyond ETFs, institutional Bitcoin demand is spreading into corporate treasuries. Japan’s Metaplanet recently bought $93 million worth of BTC, becoming the fifth-largest corporate holder with a stack exceeding 16,300 BTC. France’s The Blockchain Group and the UK’s Smarter Web Company also made new BTC treasury allocations this week, purchasing $12.5 million and $24.3 million worth of Bitcoin respectively. This trend of corporate treasuries allocating funds to Bitcoin further solidifies the cryptocurrency’s position as a viable investment option for institutions.