Bitcoin ETF Inflows Reach $3.1B as Ether Funds Reversal
The streak of net inflows for US spot Bitcoin exchange-traded funds (ETFs) continues, reaching nine trading days. On Tuesday, these ETFs attracted $66.2 million in new investments, bringing the total net inflows to approximately $3.1 billion. This is according to data from SoSoValue.
The year-to-date net inflows for Bitcoin ETFs have risen to roughly $1 billion. Meanwhile, spot Ether ETFs ended their seven-day streak of net inflows by posting $3 million in outflows on Tuesday. Cumulative net inflows for these funds now stand at about $14 billion.
The Zcash fund also saw a reversal earlier this week after recording an $8 million net outflow on Monday, ending its six-day streak of inflows. Bitcoin's price currently sits at around $83,567, down 0.4% over the past 24 hours, according to CoinGecko.
Kyle Rodda, senior financial market analyst at Capital.com, noted that rising crude prices are capping non-yielding assets, causing a pause in Bitcoin's rally. However, he also mentioned that its technical picture remains 'quite constructive'.