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Bitcoin ETFs Back to Inflows

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Thu, 13/06/2024 - 8:20
Bitcoin ETFs Back to Inflows
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Bitcoin exchange-traded funds (ETFs) attracted $101 worth of inflows on Wednesday, according to the most recent update. 

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Fidelity's Wise Origin Bitcoin Fund (FBTC) comes in first place with $50.6 million worth of inflows. 

BlackRock's iShares Bitcoin Trust (IBIT) and Bitwise Bitcoin ETF (BITB) are in second and third place with $15.6 million and $14.5 million worth of inflows, respectively. 

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As reported by U.Today, the Bitcoin price experienced a major correction earlier this week after Bitcoin ETFs ended their 19-day inflow streak. On Tuesday, the leading cryptocurrency dropped to as low as $66,011 on the Bitstamp exchange. 

On Wednesday, Bitcoin surged sharply higher after the most recent US consumer price index (CPI) report showed that inflation was cooling. However, it then pared most of these gains during the same day after the Federal Reserve signaled that it would implement only one rate cut. Moreover, Federal Reserve Chair Jerome Powell stated that the Fed would need to bolster confidence on inflation before considering loosening monetary policy. 

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As reported by U.Today, gold bug Peter Schiff recently warned Bitcoin bulls that they would not be saved by ETFs since their buyers are future sellers. 

Michael Allegue, an investment officer at MassMutual, recently told CNBC that institutional investors who gain exposure to Bitcoin ETFs are not going to be "diamond-handed" holders due to portfolio rebalancing. 

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