Bitcoin ETFs’ Momentum Builds as Inflow Streak Hits Four Days​

• Bitcoin ETFs command $54.25 billion in BTC or 4.63% of its market cap.
• Grayscale’s BTC ETF outflows now total $19.66 billion.
• Bitcoin has failed to retake $60,000 and may slide to $55,000 in coming weeks.

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) are in the green as inflows and outflows begin to stabilize across the market.

Bitcoin ETFs

As per data  on SoSoValue, Bitcoin ETFs have seen a solid $88.06 million in net inflows for Aug. 20, 2024, marking day four of their renewed inflow streak.

However, it’s worth noting that just two Bitcoin funds saw positive inflows.

Naturally, BlackRock’s iShares Bitcoin Trust (IBIT) led the pack, posting $55.43 million in net inflows. Since launching, IBIT has seen some $20.54 billion in cumulative net inflows, making it the best-performing Bitcoin ETF and one of the top ETF launches of 2024.

Close behind was ARK 21Shares’ Bitcoin ETF (ARKB), which bagged $51.91 million, its largest inflow since mid-July. This brings ARKB’s cumulative net inflows to $2.5 billion, ranking it as the third best-performing BTC ETF.

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Low Outflows

Typically, inflow and outflow data would be disproportionately affected by the outflows of one or more Bitcoin funds. However, their inflow/outflow rates are trending downward, which may be a positive.

Looking at the losers for the week, the Bitwise Bitcoin ETF (BITB) saw $4.47 million in exits.

Since late July, BITB has struggled to pull inflows above $10 million; when it did, it was offset by outflows some days later. Regardless, the fund ranks fourth for cumulative net inflows, which now stand at $2.01 billion.

The Grayscale Bitcoin Trust (GBTC) was the loss leader yet again, although it was one of the fund’s smallest days of exits, shedding $12.81 million. This brings GBTCs net outflows to $19.66 billion.

Bitcoin Price

Bitcoin ETFs certainly served to boost the crypto markets, but investors are still wondering when the post-halving, post-Ethereum ETF bull run is coming.

Arguably, the bull run came in pre-halving following the launch of Bitcoin ETFs, which were the catalyst to push BTC to all-time highs above $70,000.

Some believe the run is still on , and BTC may just be experiencing a brief correction before pushing toward $100,000. Some see it dropping even lower below $50,000.

Then again, these are just predictions, and as history has shown us, Bitcoin is rather unpredictable.

About the Author

Eddie Mitchell

Eddie has been writing news and content primarily for crypto news and industry players over the past seven years. With an eye for the bigger picture, Eddie prefers to investigate the broader implications of a story, as well as explore the weird and wonderful world of crypto. He believes blockchain has already changed the world, but observes the space overall with a skeptical and adoring eye.

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