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Spot Bitcoin ETFs Attract $1 Billion in Just Three Days
2024-07-23 09:00:08
Stocks
Finance

Spot Bitcoin ETFs Attract $1 Billion in Just Three Days

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Spot Bitcoin ETFs have seen a significant influx of $1 billion in just three days. BlackRock and Fidelity ETFs led the inflows, while Mt. Gox distributed cryptocurrency to its victims.

The German government also sold Bitcoin, impacting prices. J.D.

Vance, Trump's pick, is pro-crypto and has criticized SEC Chair Gensler. Despite recent dips, the price of Bitcoin has recovered by 23% since its low on July 5th.

July 16th saw a 6-week high with a $420 million inflow. Additionally, BlackRock's Nasdaq IBIT ETF drew $526.7 million on Monday, the highest since March.

Bitwise CIO, Matt Hougan, predicts Bitcoin could reach $100,000 driven by inflows to Bitcoin and Ethereum ETFs. The launch of spot Ethereum ETFs from BlackRock, Franklin Templeton, and VanEck is expected to bring in an estimated $15 billion in inflows.

Overall, ETFs and sovereign wealth funds may play a significant role in driving Bitcoin's climb.

Related news on that topic:

Bitcoin ETFs and Inflows Drive Market Sentiment

Despite a recent dip in Bitcoin's price, long-term holders are accumulating the digital asset and Bitcoin spot ETFs are seeing significant inflows. The price drop may be attributed to sell pressures from the Mt. Gox hack repayments and the German government's Bitcoin sale. However, Bitcoin has found support in the $55,000-$58,000 range, and investors are taking advantage of lower prices. Spot Bitcoin ETFs have attracted $1 billion in just three days, with BlackRock and Fidelity leading the inflows. The market sentiment remains bullish, with predictions of Bitcoin reaching $100,000 driven by ETF inflows. Meanwhile, market dynamics suggest a potential rise to $150,000 by year-end. The German government's completion of its Bitcoin sell-off has alleviated fears in the crypto market. However, the market's volatility and complexities, along with regulatory hurdles, continue to shape Bitcoin's climb. Nevertheless, Bitcoin presents a significant investment opportunity, and its market fundamentals and potential technological use cases support its long-term growth.

Ethereum ETFs Face Uncertain Demand Amid Regulatory Hurdles

Wintermute and Kaiko forecast lackluster Ethereum ETF demand, noting potential inflows and volatility. BlackRock, Fidelity, and Grayscale among 8 issuers set to launch ETH ETFs. Regulatory restrictions on staking hamper ETF competitiveness. Grayscale reveals 2.5% management fee, others range from 0.15-0.25%. Kaiko data shows ETH implied volatility surged to 67%. Price sensitivity expected with upcoming ETF inflows. Grayscale's ETHE fund anticipates outflows transitioning to spot ETF. Spot Ethereum ETF trading begins on July 23 at major US exchanges. Analysts anticipate a price push to $6,500 with Ethereum ETF approvals. Ether ETFs greenlit by SEC, signaling growing acceptance of cryptocurrencies in traditional finance.

Read 5 more recent news on this topic

The press radar on this topic:

The Street
23. Juli 2024 um 20:26

Why Ethereum and Bitcoin ETFs can carry Bitcoin to $100K: Bitwise CIO

Cryptocurrencies & blockchain
Finance
Bitwise CIO Matt Hougan expects $100K Bitcoin driven by $15B in Bitcoin and Ethereum ETF inflows, with $3-5B more for Ethereum ETFs. He predicts 1-5% Bitcoin exposure in ETF portfolios within 3 years, attracting Morgan Stanley and Wells Fargo. Volatility may arise from Grayscale Ethereum Trust, but Hougan is confident in long-term growth. Goldman Sachs plans tokenization projects, and major banks received permission around the SEC accounting rule despite President Biden's veto.
The Street
27. Juli 2024 um 16:46

Bitcoin surges to two-week high as Trump’s election odds improve

Politics
Finance
Bitcoin surges 8.6% to $62,508 as Trump's election odds improve after thwarted assassination attempt; crypto market expects positive impact from Trump's pro-crypto stance, according to Amberdata's Pay Doyle; crypto ETFs draw over $1.35 billion in funds, reflecting turnaround in sentiment due to lower than expected CPI, says CoinShares' James Butterfill.
The Street
24. Juli 2024 um 19:26

Bitcoin may hit $100,000 this year, Bitwise exec says

Cryptocurrencies & blockchain
Finance
Technology
Bitwise's Hougan predicts bitcoin hitting $100,000 by 2023 end, driven by inflows to bitcoin and ethereum ETFs; SEC's potential full approval of spot ethereum ETFs could create a new asset class, with ether as the 'picks and shovels' play for tokenization.
The Street
25. Juli 2024 um 15:27

Spot ether ETFs to begin trading next week, report says

Finance
Cryptocurrencies & blockchain
Spot ether ETFs launching next week from BlackRock, Franklin Templeton, VanEck; $15 billion in estimated inflows; ethereum price jumps 6%; ethereum network, stablecoin growth, fewer regulatory hurdles to propel price; 21Shares, Grayscale, Fidelity, Bitwise, Invesco also vying for spot ether ETF; staking to benefit investors and network; mature market structure, bitcoin and ethereum ETFs key drivers; Nathan McCauley, CEO of Anchorage Digital, says approval is first step, staking next.
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