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 “investors are likely turning to more stable assets.”
“The trend reflects investors’ confidence in Bitcoin, which will help drive the price of Bitcoin and the stability of the market in the longer run.”
Alvin Kan, the COO of Bitget Wallet, talking on spot BTC ETFs’ inflows.
Notably, most of the inflows, worth $224.1 million, came from BlackRock’s IBIT. Per Farside Investors, Franklin Templeton’s EZBC and WisdomTree’s BTCW recorded $5.5 million and $5.1 million in inflows, respectively.
On the other hand, Bitwise’s BITB, Fidelity’s FBTC and VanEck’s HODL funds saw $16.6 million, $8.3 million and $7.2 million in outflows. The remaining spot BTC ETFs stayed neutral.
Despite the increasing inflows into spot Bitcoin products, the asset’s price declined by 1.3% in the past 24 hours and is trading at $63,000 at the time of writing.
The COO of Bitget Wallet, formerly known as BitKeep, believes that BTC’s bullish momentum majorly depends on the U.S. Federal Reserve’s rate cuts. This could also help the market to become “fully active,” he added.
“In the short term, the Federal Reserve’s 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.”
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.