Bitcoin News Today: Bitcoin ETFs See $2.39 Billion Inflows in Week Six of Gains

Bitcoin ETFs have experienced a significant surge in inflows, with a total of $2.39 billion in investments recorded over the past week. This marks the sixth consecutive week of gains, pushing the total inflows since mid-June to over $10.5 billion. The substantial inflow of capital into Bitcoin ETFs indicates a growing interest and confidence in the cryptocurrency market among institutional investors. This trend is particularly noteworthy as the price of Bitcoin hovers near the $120,000 mark, reflecting a strong bullish sentiment in the market.

Among the twelve ETFs, BlackRock’s IBIT drew the highest investor interest, attracting $2.57 billion over the five days. Grayscale’s BTC and VanEck’s HODL followed with $41.9 million and $31 million, respectively. Smaller inflows were also reported across Bitwise’s BITB, Invesco’s BTCO, Franklin Templeton’s EZBC, and WisdomTree’s BTCW, totaling $35 million. Despite the overall positive flow, a few funds experienced net outflows. Grayscale’s GBTC, ARK 21Shares’s ARKB, and Fidelity’s FBTC posted a combined outflow of $290.8 million. However, this was not enough to shift the broader upward trend.

The continuous inflow of funds into Bitcoin ETFs suggests that investors are increasingly viewing Bitcoin as a viable and attractive asset class. The total inflows of over $10.5 billion since mid-June underscore the growing acceptance of Bitcoin as a mainstream investment option. This trend is likely driven by a combination of factors, including the increasing institutional adoption of cryptocurrencies, the regulatory clarity provided by various jurisdictions, and the potential for significant returns on investment.

The price of Bitcoin hovering near $120,000 further supports the bullish outlook for the cryptocurrency market. This price level is a significant milestone for Bitcoin, as it represents a substantial increase from its previous highs. The sustained interest in Bitcoin ETFs, coupled with the strong price performance of Bitcoin, indicates that the cryptocurrency market is poised for further growth and development. Investors are likely to continue monitoring the performance of Bitcoin ETFs and the broader cryptocurrency market for potential investment opportunities.

Ethereum ETFs also saw strong investor demand, recording $2.18 billion in weekly inflows, a 140% increase from the previous week. This surge marks the highest since their inception and extends the streak to ten straight weeks, bringing total inflows to over $5 billion. While Ethereum rose 25% over the week, climbing back above $3,800 for the first time since December, Bitcoin slipped by 2.2%. The Bitcoin price currently faces selling pressure as traders continue to secure profits around its previous highs.