Following a period of uncertainty, it seems that Bitcoin spot exchange-traded funds (ETFs) are gaining momentum again, evidenced by significant inflows.
Update on Bitcoin ETFs
Recent data from Farside Investors as of 27th September indicates a total of $494.4 million flowing into Bitcoin ETFs, with the markets being closed over the weekend of 28th and 29th September.
Interestingly, the ARK 21Shares Bitcoin ETF (ARKB) took the spotlight this time with an impressive $203.1 million in new investments, outshining BlackRock’s iShares Bitcoin Trust (IBIT) which usually leads in inflows.
Following closely behind, Fidelity’s FBTC attracted $123.6 million, and IBIT received $110.8 million in inflows.
Additional ETFs also experienced substantial inflows, with Grayscale’s GBTC witnessing a surprising reversal of its outflow trend by welcoming a notable $26.2 million influx.
Bitcoin’s Performance in Price
The continuous increase in Bitcoin ETF inflows signals a growing interest among investors, as Bitcoin has managed to recover its value amidst a bullish market trend.
Recently, Bitcoin saw challenges surpassing the $60,000 mark but surged to $65,000 on 27th September before slightly declining to $63,602 on 30th September, as reported by CoinMarketCap, marking a 2.92% decrease over the last 24 hours.
This fluctuation in price emphasizes the volatile nature of the cryptocurrency market, even as interest in Bitcoin investment vehicles continues to rise.
Additional Insights
Alongside this news, further details on Bitcoin ETF emerged as highlighted by Bitcoin Whale on X, stating that “Spot #Bitcoin ETFs bought 17,009 $BTC this week.”
They also pointed out that BTC Miners produced only 2,250 more Bitcoin this week and stressed, “Demand is surpassing supply.”
Former Chinese Finance Minister’s Stance on Bitcoin ETFs
Amid the increasing interest in cryptocurrencies, former Chinese finance minister Lou Jiwei advocated for a careful assessment of crypto advancements during the 2024 Tsinghua Wudaokou Chief Economists Forum in Beijing.
He cautioned about the risks to financial stability, such as volatility and money laundering, and highlighted the evolving US stance, particularly following the SEC’s approval of spot Bitcoin ETFs.
Jiwei emphasized, “We also need to analyze the latest international changes and policy adjustments as they are crucial for the digital economy’s development.”
Therefore, as the adoption of cryptocurrencies continues to grow and the industry progresses, it will be fascinating to observe the unfolding of these developments and the potential implications they carry for the future.