With the increasing interest from investors, Bitcoin ETF inflows reach $494.4 million
What factors contribute to the increase in demand for Bitcoin ETFs?
Bitcoin ETFs are witnessing unprecedented inflows, reflecting the growing demand from investors amid a bullish market.
- China’s former finance minister has warned about the risks of cryptocurrencies and called for careful scrutiny of developments.
After a period of uncertainty, it seems that Bitcoin Exchange-Traded Funds (ETFs) are regaining momentum, characterized by record inflows.
Bitcoin ETF Update
As of September 27, the latest data from Farside investors shows a cumulative inflow of $494.4 million into Bitcoin ETFs, while the markets were closed over the weekend of September 28 and 29.
Notably, while BlackRock’s iShares Bitcoin Trust (IBIT) typically leads in inflows, this time, the ARK 21Shares Bitcoin ETF (ARKB) garnered attention with a significant investment of $203.1 million.
Following that, Fidelity’s FBTC recorded $123.6 million, and IBIT had $110.8 million.
Other ETFs also experienced notable inflows, including Grayscale’s GBTC, which surprisingly reversed its usual outflow trend with a significant influx of $26.2 million.
Bitcoin Price Performance
The continuous inflows into Bitcoin ETFs indicate an increasing appetite among investors, as Bitcoin has managed to retain its value amid a bullish market trend.
Just a few days ago, Bitcoin faced challenges surpassing the $60,000 mark but reached $65,000 on September 27.
However, as reported by CoinMarketCap, the latest price (as of September 30) of Bitcoin is $63,602, reflecting a slight decrease of 2.92% in the past 24 hours.
This price volatility highlights the unstable nature of the cryptocurrency market, even with the growing interest in Bitcoin investment products.
What’s More?
Amid this news, there are other reports regarding Bitcoin ETFs highlighted by Bitcoin Whale on X.
Bitcoin ETFs purchased $17,009 worth of Bitcoin this week
However, they also noted that Bitcoin miners created only 2,250 more Bitcoins this week, emphasizing that:
“Demand exceeds supply.”
Former Chinese Finance Minister Against Bitcoin ETFs?
Amid the growing interest in cryptocurrencies, former Chinese Finance Minister Lou Jiwei called for a thorough examination of crypto developments during the 2024 Tsinghua Wudaokou Senior Economists Forum in Beijing.
He warned about the risks to financial stability, including volatility and money laundering, while referencing the changing stance of the United States, especially after the SEC’s approval of Bitcoin ETFs.
He stated:
“We must also study the latest international changes and policy reforms, as they are crucial for the development of the digital economy.”
Therefore, as the adoption of cryptocurrencies continues to rise and this sector evolves, it will be interesting to see how these developments unfold and what implications they have for the future.
