Bitcoin & Ethereum Record $1.36 Bln Inflow Amid ETF Optimism, Prices To Rally?
In the aftermath of Bitcoin and Ethereum ETFs’ inception into the trading landscape, an intriguing phenomenon was brought to light today, pouring a flurry of optimism on these cryptos across the global crypto realm.
Bitcoin and Ethereum recorded inflows worth $1.01 billion and $35.5 million over the past week, respectively, flagging increased investor optimism amid the BTC & ETH ETF buzz curated in the United States post-approval. Notably, weekly inflows worth $1.05 billion, combining all digital asset inflows, have pushed the year-to-date inflows to a record high of $14.9 billion, per market data. Bitcoin & Ethereum appear to be offering the lion’s share in the massive inflows recorded.
Bitcoin & Ethereum ETFs Propel Inflows To New Heights
Intriguingly, Bitcoin and Ethereum alone recorded $1.04 billion worth of weekly inflows. The landmark achievement doesn’t come as a surprise, given the rise of BTC and ETH ETFs.
However, it’s worth noting that ETH ETFs started sluggishly in the U.S., starkly contrasting to Bitcoin ETFs’ performance.
Meanwhile, other digital assets’ weekly inflows contributed to the record-high year-to-date landmark achieved, with Solana, Litecoin, XRP, and Chainlink contributing to inflows. On the other hand, Short Bitcoin, Cardano, and others witnessed outflows.
Also, the month-to-date inflows for BTC totaled $1.8 billion, whereas ETH noted outflows worth $11.1 million during the same period.
The increased demand, as underscored by massive inflows, often leads to a rise in the price of assets as the market responds to the higher buying pressure. Additionally, inflows into Bitcoin and Ethereum-related investment vehicles can signal growing interest and confidence among investors in treating these cryptos as an asset class, potentially attracting more investors to further drive up prices.
Also Read: GameStop (GME) Stock Price Rises 19% Pre-Market, Meme Coins To Echo Rally?
BTC & ETH Price Movements
As of writing, Bitcoin’s price was $68,281.94, a 0.42% dip from yesterday. Meanwhile, Ethereum’s price was $3,891.89, a 0.22% dip from yesterday.
As mentioned above, the massive inflow has given these assets a bullish taint, fueling further investor adoption. Moreover, Coinglass data additionally underscored increased money inflow for these cryptos into the market.
BTC Futures Open Interest surged to unprecedented levels in February this year, with charts showing a continued upward momentum above the $30 billion mark as of press time. Further, ETH Futures Open Interest also surged whoppingly, topping the $17 billion mark at press time.
Also Read: Binance To List This Crypto With Multiple Pairs, But There’s A Condition
The post Bitcoin & Ethereum Record $1.36 Bln Inflow Amid ETF Optimism, Prices To Rally? appeared first on CoinGape.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings