Bitcoin ETF Inflows Soar as BTC Price Hits New High
Bitcoin exchange-traded funds (ETFs) are seeing accelerated inflows as the price of BTC holds steady at just under $80,000 U.S. About a dozen ETFs that track the spot price of Bitcoin have seen their longest stretch of net inflows since April.
The Bitcoin ETFs have posted eight consecutive days of net inflows, pulling in a combined total of $2.8 billion U.S. during the period, according to data from SoSoValue.
Analysts say this is a healthy sign following months of massive outflows from the funds. In June, Bitcoin ETFs saw combined redemptions of nearly $5 billion U.S. as institutional investors pulled back with the price of BTC at a low for the year of $58,000 U.S.
The accelerating capital flows being directed to Bitcoin ETFs is attributed to institutional investors returning to the funds now that the digital asset has broken above resistance at $65,000 U.S. and risen 25% in the past week.