United States spot Bitcoin ETFs traded positively for four consecutive days of trading, and on Tuesday, they witnessed a major inflow of $88 million.
The largest Spot Bitcoin Exchange Traded Fund by asset, BlackRock, saw a net inflow of $55.43 million yesterday, and Ark Invest and 21Shares’ ARKB fund saw a combined inflow of $51.91 million as per the data collected from SoSoValue.
The biggest net redemptions were from Grayscale’s GBTC, through which was $12. Negative flows were detected in the amount of 81 million. Bitwise’s BITB also had $6. a daily average net redemption of about $47 million, and some eight other spot Bitcoin ETFs, including Fidelity and VanEck, showed no trading.
The combined trading volume of 12 ETFs recovered from $779 million on Monday and reached a high of $1.35 billion on Tuesday. This sharp rise will set an initial push that will be needed for the price of Bitcoin to start its journey toward the recovery path.
However, after this inflow, the trade volume of the ETF remains at the bottom, as compared to the range of spike seen in March, when the total value of ETF was recorded between $5 and $8 billion. The 12 Spot Bitcoin ETF witnessed $17.52 billion of net inflow since the first day of their trade.
Outflows Persist in Spot Ether ETFs
Besides the positive inflow in Spot Bitcoin ETF, The Ethereum ETF recorded a small movement in their asses, as it’s the fourth day of continuous Bleeding for the asset, and the net outflow was recorded as $6.49 million.
Grayscale’s ETHE saw outflows of $36 in the week. Gross investment of $99 million, labor by $26. 77 million in net new assets into ETHA and dollars 3. 73 million in Bitwise’s ETHW. At the same time, six other Ether ETFs showed no trading on the previous day.
The spot Ether funds posted a daily trading turnover of $194. 66 million, much less than the $900 – $1,000 million per day they recorded at the time of their launch in July. Collectively, these Ether ETFs have had total net redemptions of $440 so far. 11 million.
At the same time, Bitcoin sank beneath the $60,000 mark, erasing 2.54 percent in the past 24 hours to $59,370.58, according to the crypto price page of The Block. Ether also decreased by 3.08% to $2,592. It dropped to 95, which is generally bearish for the total cryptocurrency market and is now -2. Indeed, inflation has declined to balance at 12% over the past day.
