Is The Crypto Winter Thawing? US Bitcoin ETFs Record First Inflows In Weeks – Coinshares
14 Maggio 2024 - 5:00AM
NEWSBTC
After experiencing outflows for four consecutive weeks, US spot
Bitcoin exchange-traded funds (ETFs) have marked a notable shift in
momentum, witnessing net inflows once again. According to recent
data from CoinShares, digital asset investment products have seen
inflows totaling $130 million for the first time in five weeks.
This change suggests renewed investor interest in crypto-focused
investment products, particularly in the United States, where most
of these inflows, totaling over $130 million, occurred. Related
Reading: Analyst Points Out Level To Beat If Bitcoin Is To Reach
$76,000 A Mixed Bag Of Global Investment Flows Grayscale, a major
player in the digital asset space, reported a significant decrease
in weekly outflows, recording its lowest since January at $171
million. This trend indicates a potential stabilization in the
market after a period of volatility and declining interest.
Meanwhile, interaction between US regulators and spot ETF issuers
has remained minimal, particularly for spot Ethereum ETF
applications. This lack of engagement has fuelled speculation that
approval for these ETFs might not be approaching, as reflected by
the amount of outflows from Ethereum-based products. James
Butterfill, Head of Research at Coinshares, particularly noted: Low
interaction by the US regulators with ETF issuer applications for a
spot Ethereum ETF have increased speculation that the ETF approval
is not imminent, this has been reflected in outflows which totalled
US$14m last week. On a global scale, the investment landscape
showed mixed signals. After a week of record inflows likely driven
by “seed capital” post-Bitcoin ETF launches, as highlighted by
Butterfill, Hong Kong saw a significant drop to $19 million in
inflows. Conversely, Switzerland experienced inflows amounting to
$14 million. Canada and Germany continued to see outflows, with
their year-to-date figures reaching a combined $660 million,
indicating sustained bearish sentiment in these markets. Bitcoin
has rebounded with $144 million in inflows, counteracting a
generally “weak month.” In contrast, short-Bitcoin exchange-traded
products (ETPs) recorded outflows totaling $5.1 million, up to $18
million over the last eight weeks. These figures highlight the
volatile dynamics within the crypto market, with Bitcoin currently
showing stronger performance than Ethereum. Bitcoin And Ethereum
Market Performance Over the past 24 hours, Bitcoin surged nearly
3%, while Ethereum increased by only 1.2%. Despite these gains,
both assets are down by 2.3% and 6% over the past week. Amidst
these market movements, crypto analyst Ali provided insights into
Bitcoin’s potential paths. According to Ali, Bitcoin could climb to
$76,000 if it reclaims $64,290 as a support level. Related Reading:
Bitcoin Cash Price At Make-Or-Break Moment, Key Levels To Watch
Failing to achieve this could see the flagship crypto drop to
support at $51,970, based on Market Value To Realized Value (MVRV)
extreme deviation pricing bands, identifying this figure as the
all-time mean. If #Bitcoin can reclaim $64,290 as support, it is
likely to rise towards $76,610. However, if it fails to surpass
$64,290, $BTC might retest support at $51,970.
pic.twitter.com/s4D1fTEU7k — Ali (@ali_charts) May 12, 2024
Featured image from Unsplash, Chart from TradingView
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