CDS Crypto News Bitcoin ETFs Extend Positive Streak to Four Days: Key Trends and Insights
Crypto News

Bitcoin ETFs Extend Positive Streak to Four Days: Key Trends and Insights

88
Bitcoin ETFs Extend Positive Streak to Four Days: Key Trends and Insights

Bitcoin ETF Trading Volume Increases to $2.3 Billion: Market Analysis

Bitcoin ETF – U.S. spot Bitcoin ETFs experienced impressive net inflows of $186.8 million on Tuesday, extending their positive streak to four consecutive days. This influx of capital brings the total positive inflows to over $500 million. The largest contributor to this growth was Fidelity’s FBTC, which brought in $56.6 million. Other notable performers included Bitwise’s BITB and Ark Invest’s ARKB, attracting $45.4 million and $42.2 million respectively. Smaller contributions came from VanEck’s HODL with $20.5 million, Invesco’s BTCO with $10.2 million, Franklin Templeton’s EZBC with $8.7 million, and WisdomTree’s BTCW with $3.2 million. Grayscale’s GBTC, despite its higher fees, recorded no net outflows.

Bitcoin’s Performance Ahead of FOMC Meeting

Bitcoin is currently trading at $60,203, maintaining its position above the $60,000 mark it regained after a strong trading session. The cryptocurrency is closely watched as the Federal Open Market Committee (FOMC) meeting approaches on Wednesday. Market participants are anticipating the Federal Reserve’s decision on interest rates, with the CME FedWatch tool indicating a 63% probability of a 50 basis-point cut, compared to a 37% chance for a 25 basis-point reduction. The recent positive trend in Bitcoin, which emerged after a dip below $53,000, might already reflect these expectations, potentially setting the stage for a “sell the news” scenario, according to BRN analyst Valentin Fournier.

Bitcoin ETFs Extend Positive Streak to Four Days: Key Trends and Insights

Ethereum ETFs See Outflows

In contrast, spot Ethereum ETFs recorded net outflows totaling $15.1 million on Tuesday, adding to the $9.4 million that exited the funds on Monday. Grayscale’s spot Ethereum ETFs accounted for the majority of these outflows, with $17.9 million in net outflows from its higher-fee ETHE fund, partially offset by $2.8 million in net inflows into its mini ETF product ETH. Since their inception in July, Ethereum ETFs have faced $605.9 million in total net outflows. Trading volume for these ETFs rose to $176 million on Tuesday from $128 million the previous day.

FAQ

What was the net inflow for U.S. spot Bitcoin ETFs on Tuesday?

U.S. spot Bitcoin ETFs recorded net inflows of $186.8 million on Tuesday.

What is Bitcoin’s current trading price?

Bitcoin is trading at $60,203.

What are the market expectations for the Federal Reserve’s interest rate decision?

The market expects a 63% probability of a 50 basis-point cut and a 37% probability of a 25 basis-point cut.

Bitcoin ETFs Extend Positive Streak to Four Days: Key Trends and Insights

Leave a comment

Leave a Reply

Related Articles

Retail Investors Return to Crypto: Bitcoin Hits All-Time High as Trump Victory Fuels Cryptocurrency Momentum

Retail Investors Return to Crypto: Bitcoin Hits All-Time High as Trump Victory...

Ethereum Foundation Treasury Strategy: $788.7M in ETH Holdings as of October 2024

Ethereum Foundation Treasury Strategy: $788.7M in ETH Holdings as of October 2024

Trump’s 2024 Victory: What It Means for U.S. Crypto Regulations

Trump's 2024 victory is expected to bring pro-crypto reforms to the U.S.,...