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Reading: US Bitcoin ETFs Raise $365M in a Day as BTC Surpasses $65K
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Kriptoteka > Market > ETFs > US Bitcoin ETFs Raise $365M in a Day as BTC Surpasses $65K
ETFs

US Bitcoin ETFs Raise $365M in a Day as BTC Surpasses $65K

marcel.mihalic@gmail.com
Last updated: September 27, 2024 6:52 am
By marcel.mihalic@gmail.com 3 Min Read
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Important Insights

  • Over $600 million in US spot Bitcoin ETFs has been collected this week.
  • On Thursday, ARK Invest’s ARKB led with an influx of $114 million in new investments.

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On Thursday, US investors injected around $365 million into a group of spot Bitcoin ETFs, raising the total net inflow to over $600 million for this week, as reported by Farside Investors data. These significant inflows occurred alongside Bitcoin’s price surge to $65,000, marking a monthly peak.


Source: Farside Investors

Following a loss on Wednesday, ARK Invest’s ARKB rebounded robustly yesterday, leading with approximately $114 million in new investments.

BlackRock’s IBIT extended its positive trend, additional $93 million recorded on Thursday while Fidelity’s FBTC and Bitwise’s BITB collectively brought in about $124 million.

Funds managed by VanEck, Invesco, Valkyrie, and Franklin Templeton also saw gains. WisdomTree’s BTCW, however, experienced no inflows.

Grayscale’s Bitcoin Mini Trust attracted nearly $3 million on Thursday, contrasting with its higher-cost option, the GBTC fund, which saw a $7 million outflow, the smallest loss in the past two weeks.

The renewed enthusiasm for spot Bitcoin ETFs coincides with the recent rise in Bitcoin’s price.

Bitcoin climbed above the $65,000 mark on Thursday, following a 3% uptick in US GDP growth and a surprising drop in weekly jobless claims.

Favorable economic indicators, combined with the Fed’s recent interest rate cut and potential stimulus measures from China, likely fueled the Bitcoin price rally.

Possible Rate Cuts?

The Fed’s inflation measure, the Personal Consumption Expenditure (PCE) index, is set for release at 8:30 AM ET on Friday.

Experts predict that the headline PCE will fall to 2.3% year-over-year in August, representing the lowest level in four years, with the core PCE expected to rise by 2.7% annually.

Morningstar’s Preston Caldwell projects a total PCE increase of 0.15%, with core PCE rising by 2.4%. If his predictions hold true, he anticipates a 25 basis point interest rate cut from the Fed in November and December.

A possible rate cut could positively affect Bitcoin’s price. Reduced interest rates make riskier assets like Bitcoin more appealing to investors, potentially driving prices higher.

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