What Comes Next as Bitcoin Price Surges with $222M Inflow to US Bitcoin ETF?

Exciting news for Bitcoin enthusiasts! The Bitcoin price has surged above $67,000 in the past 24 hours, signaling a positive trend for digital assets. The driving force behind this rally is believed to be the U.S. Spot Bitcoin ETF, attracting a considerable amount of investor interest. Let’s delve into the details of the inflows noted by the U.S. Spot Bitcoin ETF.

Record Inflow for US Bitcoin ETF

Bitcoin has seen a remarkable surge of over 145% in the past 12 months, with the recent approval of the U.S. Spot Bitcoin ETF adding to the bullish sentiment in the cryptocurrency industry.

Despite recent volatility in Bitcoin trading, particularly linked to the cooling fund flow data of Bitcoin ETFs, the situation took a positive turn this week as significant inflows were observed in these investment vehicles.

According to data from Farside Investors, U.S. Spot Bitcoin ETFs received a collective inflow of $221.5 million, with Fidelity’s FBTC leading the pack with an influx of $99.4 million. Additionally, Grayscale GBTC recorded an inflow of $31.6 million, boosting investor confidence.

This week, the total inflow into the investment instrument reached $948.3 million, reflecting a strong investor belief in the crypto market.

Market Insights Amid Price Surge

Bloomberg Senior ETF analyst Eric Balchunas recently highlighted the resilience of Bitcoin ETFs, noting a significant influx over the past two weeks. Despite negative flows in April, the cumulative net value since their launch is now around “+$12.3 billion.”

Balchunas emphasized the need to look beyond short-term fluctuations, as these inflows and outflows are common in ETF trading. He reassured investors about the positive long-term prospects and mentioned that Bitcoin ETF flows, relative to assets under management, indicate market stability.

Meanwhile, Bitcoin’s price climbed by 1.35% to $66,977.71, with a trading volume of $25.81 billion. The cryptocurrency hit a high of $67,459.46 in the last 24 hours, showing a remarkable year-over-year gain of approximately 146%.


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