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Bitcoin ETFs See $1B Inflows as BTC Inches Closer to $100K

Bitcoin ETFs See $1B Inflows as BTC Inches Closer to $100K

DailycoinDailycoin2024/11/22 12:22
By:Dailycoin
  • Spot Bitcoin ETFs extended their positive streak to a fourth day this week. 
  • The funds saw $1 billion in daily net inflows. 
  • The development came as Bitcoin’s price approached the $100,000 mark. 

U.S.-listed spot Bitcoin exchange-traded funds (ETFs) attracted massive inflows on Thursday, extending their positive streak to a fourth consecutive day this week. 

The funds have generally witnessed an uptick in trade volume and net inflows in the past few days amid a bullish crypto market fueled by Donald Trump’s decisive re-election to the White House and the expected Federal Reserve’s interest rate cut in December. 

Investors Bet Big on Bitcoin

According to SoSoValue data , spot Bitcoin ETFs saw daily net inflows totaling $1 billion on November 21, underscoring the growing institutional interest in exposure to the world’s largest cryptocurrency by market cap. 

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BlackRock’s IBIT accounted for the lion’s share of the day’s inflow, pulling in $608.41 million as Fidelity’s FBTC, Bitwise’s BITB, and the ARK 21Shares Bitcoin ETF(ARKB) attracted $300.95 million, $68 million, and $17.18 million, respectively. 

Grayscale’s GBTC seemingly fell out of favor with investors, bleeding $7.8 million to bring its cumulative net outflow since launch to $20.26 billion. The rest of the funds posted zero flows apart from the Grayscale Mini-Bitcoin Trust (BTC), VanEck’s HODL, and Franklin Templeton’s EZBC, which saw mild inflows totaling $18.23 million. 

The continued inflows into the funds came as Bitcoin inched closer to the $100,000 mark, with prices hovering above $99,000 for most of Friday. Per CoinMarketCap data, the crypto asset reached a daily high of $99,481 at about 10:44 a.m. (GMT+3) before paring some of the gains to exchange hands at $98,755 at the time of writing. 

The overall crypto market cap reached a record $3.4 trillion after adding 4.5% in the last 24 hours, mainly on Bitcoin’s jump and XRP’s 24.2% gain during the same period. Other smaller cryptos that soared include Ether and Solana, which gained 6.94% and 6.93% in the last day.  

Stay updated on Gemini’s launch in France:
Gemini Enters French Crypto Market After Securing VASP Registration

Read about Trump’s crypto appointments:
Trump’s Crypto Appointments Bring Bitcoin Closer to $100k

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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