Spot Bitcoin ETFs Attract $817 Million in Inflows as BTC Dips 3.4%

11/13/2024 21:39
Spot Bitcoin ETFs Attract $817 Million in Inflows as BTC Dips 3.4%

Spot Bitcoin exchange-traded funds (ETFs) in the United States experienced significant inflows totaling $817.5 million on Tuesday.

Spot Bitcoin ETFs Attract $817 Million in Inflows as BTC Dips 3.4%

Spot Bitcoin ETFs Attract $817 Million in Inflows as BTC Dips 3.4%

Spot Bitcoin exchange-traded funds (ETFs) in the United States experienced significant inflows totaling $817.5 million on Tuesday, despite a 3.4% decline in the price of Bitcoin, which is currently trading at $86,855.

This drop follows a brief surge above the $90,000 mark earlier in the week, suggesting potential profit-taking by investors.

BlackRock’s IBIT led the inflows, attracting $778.3 million, contributing to a total of $1.93 billion in inflows for the week. Fidelity’s FBTC added $37.2 million, while Grayscale’s Mini Bitcoin Trust and VanEck’s HODL each recorded over $10 million in inflows. In contrast, Grayscale’s GBTC saw a net outflow of $17.8 million, and Ark and 21Shares’ ARKB experienced outflows of $5.4 million.

The trading volume for the 12 spot Bitcoin ETFs reached $5.7 billion on Tuesday, a decrease from $7.3 billion on Monday but an increase from $2.8 billion last Friday, as reported by SoSoValue.

Ethereum ETFs also saw substantial inflows, with a total of $135.9 million on Tuesday, marking their second-highest inflows since launch. BlackRock’s ETHA led this category with $131.5 million, while Bitwise’s ETHW added nearly $17 million. Grayscale’s Mini Ethereum Trust recorded inflows of $12.7 million, but Grayscale’s ETHE faced a $33.2 million outflow.

The cumulative total for Ether funds has now turned positive for the first time, standing at $94.62 million—a significant recovery from a negative $686 million on Sept. 23.

However, trading volume for Ether ETFs dropped to $582.2 million on Tuesday, down from $913 million the previous day. Market analysts are closely monitoring upcoming events and technical indicators that may influence future price movements.

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