Bitcoin ETFs See Eight Consecutive Days of Net Inflows
Bitcoin exchange-traded funds (ETFs) have seen their longest stretch of inflows since April, as investors continue to pour money into digital assets. The price of BTC has held steady at just under $80,000 U.S., and institutional investors appear to be returning with gusto.
The data from SoSoValue shows that about a dozen ETFs tracking the spot price of Bitcoin have posted eight consecutive days of net inflows, totaling $2.8 billion U.S. during this period.
This is a significant turnaround from June, when 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.
Analysts say the accelerating capital flows are a healthy sign following months of massive outflows from the funds. The rising price of Bitcoin and other cryptocurrencies is also being fueled by lower interest rates, which are positive for risk assets such as crypto.