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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Is The Crypto Winter Thawing? US Bitcoin ETFs Record First Inflows In Weeks – Coinshares

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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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.

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Analyst Points Out Level To Beat If Bitcoin Is To Reach $76,000

1 year ago

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.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

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.

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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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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ad discliamer

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