Bitcoin ETF Inflows Top $3.1 Billion as Ether and Zcash Funds Reverse
Bitcoin spot exchange-traded funds (ETFs) have seen their longest inflow streak in months, attracting $66.2 million on Tuesday and pushing the nine-session total past $3.1 billion.
This sustained appetite for Bitcoin exposure stands out compared to Ether and Zcash products, which both snapped multi-day inflow runs. The data from SoSoValue showed that the latest daily gain lifted year-to-date net inflows for US spot Bitcoin ETFs to roughly $1 billion, marking a dramatic reversal from mid-July when the category sat nearly $5.8 billion in the red.
Kyle Rodda, senior financial market analyst at Capital.com, noted that rising crude prices are capping non-yielding assets and contributing to a pause in Bitcoin's advance. He stated that the cryptocurrency could struggle to regain upward momentum while energy-price risks persist, even as its technical outlook remains 'quite constructive.'
Meanwhile, Ether and Zcash funds lost steam on Tuesday, with spot Ether ETFs ending a seven-day inflow streak with roughly $3 million in net outflows. This comes after the funds attracted more than $851 million over the prior seven sessions, bringing cumulative net inflows to about $14 billion.