Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, has managed to halt its overnight declines and regain positive traction. Today, it reached an intraday high of $62,322. This upward trend is attributed to reports suggesting that US Spot Bitcoin ETFs recorded net inflows, boosting BTC prices due to increased investor demand and market confidence.
US Spot Bitcoin ETF Inflows Boost BTC Price and Market Stability
US Spot Bitcoin ETFs saw a positive shift with $31 million in net inflows after seven days of outflows. Notably, Fidelity’s FBTC received $48.8 million in inflows, while Grayscale’s GBTC experienced outflows. Bitcoin’s price responded by rising above $62,000 amid these ETF inflows. However, the inflows remain modest compared to recent outflows, and BlackRock’s IBIT reported no new inflows, indicating muted institutional interest. Strong trading volumes were observed across major ETFs, with BlackRock’s IBIT exceeding $1 billion.
Additionally, Hong Kong and Australia showed robust demand for Bitcoin ETFs, reflecting ongoing institutional confidence despite market fluctuations. Therefore, the positive net inflows into US Spot Bitcoin ETFs, despite being modest compared to recent outflows, pushed Bitcoin’s price above $62,000. Meanwhile, strong trading volumes and institutional confidence from Hong Kong and Australia further supported market stability amid fluctuations.
Grayscale Bitcoin ETF Outflows Exert Downward Pressure on BTC Prices
Grayscale Bitcoin Trust (GBTC) experienced substantial outflows, totaling $30 million in the past 24 hours, reflecting ongoing market uncertainty. This continued trend involves GBTC selling 490 Bitcoin, worth about $30 million, bringing total exits to 340,000 BTC since the launch of US spot ETFs. Despite these outflows, digital asset prices showed positive trading today, slightly stabilizing market projections.
Investors are shifting from Grayscale to newer, lower-cost ETFs like those from BlackRock, indicating price sensitivity and changing market preferences amid evolving regulatory developments. Therefore, the significant $30 million outflows from Grayscale’s Bitcoin ETF (GBTC) could exert downward pressure on BTC prices as market sentiment remains uncertain, despite recent positive trading in digital assets.
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