Bitcoin ETF Inflows Surge to $422.5 Million
Data from Farside revealed that the U.S. Bitcoin ETF experienced significant inflows, totaling $422.5 million on Tuesday. This marked the highest inflow since June 5, extending the streak to its eighth consecutive day.
Market Resilience and Price Surges
Despite challenges such as the German government offloading BTC and Mt. Gox customers repaying their funds, the market showed resilience. Bitcoin (BTC) is currently valued at $65,289, having surged by 3.9% in the past 24 hours, reaching $66,000 during the Asian trading session. BlackRock’s IBIT attracted over $260 million on July 16, the largest inflow during this period.
Moreover, Fidelity Wise Origin Bitcoin Fund’s FBTC raised $61.1 million, while the ARK 21Shares Bitcoin ETF (ARKB) drew $29.8 million in inflows. Other ETFs like BITB, BTCO, EZBC, and BRRR received less than $30 million, with GBTC, DEFI, and BTCW reporting zero inflows.
Cryptocurrency Market Sentiment and Future Outlook
In the past three days, the collective profit of 11 spot Bitcoin ETFs surpassed $1 billion. The Cryptocurrency Fear and Greed Index rose from 25 (extreme fear) to 69 (greed) today, indicating a shift in market sentiment.
This change could be influenced by the potential support for cryptocurrencies from Republican candidate Donald Trump in the upcoming U.S. presidential election. Additionally, DJT appointed BTC holder and Ohio Republican Senator James David Vance as its campaign vice president, garnering further attention in the crypto community.
Traders and investors are closely monitoring Ethereum (ETH) price movements, with reports suggesting the launch of a spot Ethereum ETF on July 23, 2024, signaling a potential growth to $3,500, a 0.2% increase from the current value.
Also Read: Daily Cryptocurrency Roundup: Trending Coins, Bitcoin Stability, and Market Insights
