Bitcoin ETFs See $1 Billion Inflow, Boosting Market Confidence While Ethereum Funds Show Mixed Results
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The crypto market saw a major shift on Thursday as U.S. Bitcoin exchange-traded funds (ETFs) attracted a huge $1 billion in net inflows in just one day. This surge of investment is creating a lot of excitement in the market and signals strong interest in Bitcoin as an investment.
The largest contributor to this massive influx was Blackrock’s IBIT fund, which saw $608.41 million flow into it, showing that investors are keen on Bitcoin-backed ETFs. This highlights the growing trust in traditional financial products tied to cryptocurrencies.
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In contrast, some funds didn’t see the same positive results. Grayscale’s GBTC fund, listed on the NYSE, experienced an outflow of $7.81 million, showing that not all Bitcoin funds are experiencing success. On the other hand, Fidelity’s FBTC fund on the CBOE saw a healthy $300.95 million in new investments, pointing to the mixed results across different Bitcoin ETFs.
Bitcoin ETFs Soar with $1B Inflows, While Ethereum Funds Struggle
Apart from Bitcoin ETFs, other cryptocurrency funds also saw changes on Thursday. Ark Invest and 21shares’ AKRB fund gained $17.18 million, while Bitwise’s BITB fund saw a $68 million inflow. Vaneck’s HODL fund added $5.56 million, and Franklin’s EZBC fund grew by $5.7 million. This brings the total amount raised by U.S. Bitcoin ETFs since January 11 to $30.35 billion.
On Thursday, the total trading volume for Bitcoin ETFs reached $7.09 billion, with 12 funds holding a combined $105.91 billion in Bitcoin. This shows a strong interest in Bitcoin ETFs and a growing market.
Ethereum-focused funds had mixed results. Grayscale’s ETHE fund saw an outflow of $27.08 million, while Blackrock’s Ethereum fund stayed the same. Grayscale’s Ether Mini Trust also lost $4.11 million. These results show that Ethereum funds are not attracting as much investment as Bitcoin funds right now.
On the other hand, some Ethereum funds had positive results on Thursday. Fidelity’s CBOE ETH fund saw a net inflow of $16.79 million, showing strong interest from investors. Vaneck’s CBOE ETH fund also gained $2.46 million, and Bitwise’s ETHW fund added $2.89 million to its assets.
The mixed results for Bitcoin and Ethereum funds show strong interest in Bitcoin but uncertainty around Ethereum investments. Bitcoin ETFs continue to grow, boosting investor confidence. However, the mixed performance of Ethereum funds may make investors cautious, leading to a more cautious sentiment in the crypto market overall.
