Capital Flows into the US Bitcoin ETF Sector: For the First Time in Eight Days
Date: 2024-06-26 Author: Henry Casey Categories: CRYPTO PAYMENTS
On June 25, 2024, the US spot Bitcoin ETF sector recorded its first capital inflow in eight trading days, which was a significant event for investors and analysts.
Capital Inflow Details
According to data from the SoSo Value platform, $31.01 million has flowed into spot Bitcoin ETFs. This influx has had a positive impact on several crypto funds, most notably Fidelity's FBTC, which raised a significant $49 million.
The largest influx of funds was recorded by the FBTC fund from Fidelity, adding $49 million to its balance sheet. Next comes the BITB fund from Bitwise with an influx of $15 million, and the third place was taken by the investment product from VanEck, which attracted $4 million.
Capital outflows
Despite the general inflow of capital in the sector, some funds recorded outflows. The ARKB fund lost $6 million, and the convertible fund from Grayscale (GBTC) lost $30 million.
In addition to these changes, six more funds recorded neither inflow nor outflow of capital. This highlights some stability in the sector despite overall trends.
A similar trend is observed in the Bitcoin and Ethereum ETF sector in Hong Kong, indicating a global change in investor preferences for cryptocurrency funds.
Forecasts and Analysis
Previously, Bernstein analysts predicted low demand for Ethereum ETFs compared to Bitcoin funds. This view is supported by current data, demonstrating greater investor interest in Bitcoin funds.
The first capital inflow into the US spot Bitcoin ETF sector in eight days is an important indicator of changing investor sentiment. The leading position of Fidelity's FBTC fund and the stability of a number of other funds underscore the interest in Bitcoin as an investment asset. This trend is also being seen internationally, confirming the global interest in cryptocurrency funds.
