The crypto market turns red. Bitcoin (BTC) fell back below $100,000 yesterday, causing many altcoins to record significant losses. But the American Bitcoin and Ethereum (ETH) spot exchange-traded funds (ETFs) have not made themselves known. The funds have continued their impressive run, raising nearly $900 million in new capital.
Best day of the week for BTC funds
The Bitcoin price rose yesterday afternoon to a high of $102,500. This meant that the coin fell just short of setting a new record. This is at $104,300 and was reached last Thursday. However, the price subsequently fell sharply, even below the important psychological level of $100,000.
But despite this decline, there has been another flood of capital flowing into the Bitcoin ETFs launched in January. Data from Farside Investors shows that $597.5 million was invested in the stock exchange funds yesterday. This is the highest net inflow in a week.
The fund managers have thus purchased a total of 5,908 Bitcoins. That is more than 13 times the number of Bitcoins put into circulation in a day.
BlackRock has bought by far the most Bitcoins for its ETF. The world’s largest asset manager records an inflow of $431.6 million. Grayscale’s BTC fund, a cheaper alternative to its infamous GBTC fund, also performed well with inflows of $110.8 million.
Bitcoin funds have now closed positive for eleven consecutive trading days. And over the past ten trading days, inflows have reached hundreds of millions of dollars each time.
ETH funds continue to impress
The Bitcoin ETFs are doing well, but the Ethereum ETFs are currently demanding all the attention. For fourteen trading days in a row, there has been a greater inflow than outflow. And last week was also their best week since launching in July.
But this week the funds are continuing to build on their momentum. According to Farside Investors, $273.7 million was received yesterday and inflows for the entire week have already reached $831.2 million. If more than $5.6 million is raised tomorrow, last week’s record inflow will be surpassed.
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Source: https://newsbit.nl/bitcoin-en-ethereum-etfs-trotseren-marktdaling-met-mega-instroom/
