BTC hits $66,000 as Bitcoin ETF sees net inflow of $556 million on Monday

BTC hits $66,000 as Bitcoin ETF sees net inflow of $556 million on Monday

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  1. Bitcoin Spot ETFs saw net inflows of $555.8 million on Monday, the strongest capital inflow since June.
  2. Trading volumes for bitcoin ETFs topped $2.61 billion, a level not seen since late August, with BlackRock dominating trading through its IBIT fund.
  3. Ethereum ETFs also saw inflows of $17 million, but still have an overall negative balance with cumulative outflows of $541 million.

After a relatively quiet period, Bitcoin Spot ETF had a spectacular comeback earlier in the week. Indeed, the US market saw an impressive net inflow of $555.8 million on Monday, a figure that represents the strongest capital gathering seen since last June.

Major players at the top of the streams

Fidelitythrough your fund FBTCshe played a major role in this revival and attracted herself more than $239 million. By bitanother key player, also benefited from this craze, with his fund BITB, which earned $100 million.

BlackRockwith your fund IBITcontinues to consolidate its leading position in terms of assets under management, p entry of nearly $80 million on the same day.

Investment supported by a favorable market environment

This renewed activity comes in the context of an upward trend in the prices of major cryptocurrencies. bitcointhereby increasing its price by more than 2% in the last 24 hours to reach $66,000, it appears to be attracting new capital looking to capitalize on these increases. Also, Ethereumwhich rose 3% to trade at $2,613 is also benefiting from this bullish momentum, although ETH ETFs are reporting weaker numbers.

THE Bitcoin Spot ETF saw an increase in trade volume and exceeded $2.61 billion Monday, volume not seen since late August. These transactions include BlackRock dominated with more than $1.67 billion traded through its IBIT fundwhich accounts for the bulk of the activity in the ETF market.

Increasing adoption of Bitcoin ETFs

Since their launch, Bitcoin ETFs in the United States has now accumulated more than $19 billion in net inflows. Such growth in less than a year shows growing institutional acceptance that far exceeds the original expectations of market watchers. Nate Geraci, president of ETF Store, called the performance “phenomenal” stating that these results exceeded all predictions made prior to the launch of these funds.

Ethereum ETFs are also growing

At the same time, Ethereum ETFs also experienced inflows, albeit in more modest proportions. ETH funds in the United States thus recorded a net inflow of $17 million. BlackRock once again stands out with its fund ETHAwho captured $14.3 millionclosely followed by Fidelity and Invesco, which also saw positive results for their products.

However, these flows are not yet enough to reverse the overall trend Ethereum ETFswhich still show a negative balance sheet since their launch cumulative outflow reaching US$541 million. Thus, it appears that Ethereum is still far from capturing the enthusiasm seen in its Bitcoin counterpart.

The article BTC Hits $66,000 As Bitcoin ETF Sees $556 Million In Net Inflows Monday appeared first on Coin Academy

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