The prices of Bitcoin (BTC) and Ethereum (ETH) fell sharply in the afternoon yesterday, but they managed to recover in a short time in the evening. This appears to have been partly caused by yet another wave of capital in the American Bitcoin and Ethereum spot Exchange-Traded Funds (ETFs).
In total, more than $700 million was invested in the crypto funds yesterday, which saved the prices just in time.
Best run for BTC funds in months
Data from Farside Investors shows that $438.5 million of capital was invested in the eleven Bitcoin funds yesterday.
This extends the excellent run of these ETFs by one day. This was the ninth positive trading day in a row, making it the best series since July.
In this series, a total of almost $4,070.3 billion has gone to the funds. That makes an average net inflow of more than $450 million per day.
As usual, BlackRock raised the most capital yesterday, with an inflow of $296.5 million. But this time, Fidelity wasn’t far behind with $210.5 million in new capital.
All ETFs together bought 3,904 Bitcoins yesterday, according to data from Apollo’s Bitcoin ETF Tracker.
The Bitcoin price crashed yesterday in a short time from about $98,000 to a low of $94,200, but was able to make up for this in no time in the evening. The price is now back at $98,300, less than 2% away from $100,000.
3rd best day for ETH funds
The Ethereum ETFs did a lot better yesterday, relatively speaking. A total of $305.7 million was invested in the funds, the third best performance since its launch in July. On November 29, $332.9 million was raised and on December 5, the record was $428.5 million.
It was already the twelfth consecutive green day for the Ethereum funds. This is by far their best period of their existence. The Ethereum community has had to wait a long time for this, but we can now finally conclude that the funds have become popular.
BlackRock and Fidelity have turned the tables here. Fidelity came out on top with a personal record of $202 million in inflows, and BlackRock followed with $81.7 million.
The Ethereum price fell yesterday from $3,750 to a low of about $3,500, but is now back at $3,700. Ethereum is therefore slightly behind Bitcoin.
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Source: https://newsbit.nl/opnieuw-geweldige-dag-voor-bitcoin-en-ethereum-etfs-koersen-veren-op/
