Bitcoin ETF Inflows Surge Amid Price Rally
Data from Farside revealed that the U.S. Bitcoin ETF experienced significant inflows totaling $422.5 million on Tuesday, marking the highest inflow since June 5 and extending the streak to its eighth consecutive day. This influx of capital coincided with a surge in the price of Bitcoin (BTC), which is currently valued at $65,289, having jumped 3.9% in the past 24 hours, according to on-chain data from CoinGecko. The price briefly touched $66,000 during the Asian trading session.
Key Players See Major Inflows
Despite recent events such as the German government selling BTC and Mt. Gox customers receiving repayments, key players in the cryptocurrency market saw significant inflows. BlackRock’s IBIT received over $260 million on July 16, the largest inflow among ETFs. Fidelity Wise Origin Bitcoin Fund’s FBTC raised $61.1 million, while the ARK 21Shares Bitcoin ETF (ARKB) attracted $29.8 million. Other ETFs like BITB, BTCO, EZBC, and BRRR saw inflows below $30 million, with GBTC, DEFI, and BTCW reporting no inflows.
Market Sentiment Shifts Amid Political Developments
In the past three days, spot Bitcoin ETFs collectively generated profits exceeding $1 billion, contributing to a shift in market sentiment. The Cryptocurrency Fear and Greed Index rose from 25 (extreme fear) to 69 (greed). This change in sentiment could be linked to speculation surrounding the potential impact of cryptocurrency-friendly political figures. Suggestions of a cryptocurrency-supporting Republican candidate winning the U.S. presidential election on November 4, along with the appointment of BTC holder and Ohio Republican Senator James David Vance as a campaign vice president by DJT, have captured the attention of traders and investors. Additionally, market participants are closely monitoring Ethereum (ETH) price movements, with reports hinting at the launch of a spot Ethereum ETF on July 23, 2024, potentially starting at $3,500, marking a 0.2% increase from previous levels.
Also Read: Daily Cryptocurrency Roundup: Trending Coins, Bitcoin Stability, and Market Insights
