Spot bitcoin ETFs continue strong inflows of $817 million, BTC dips 3.4%
Spot bitcoin ETFs in the U.S. drew in $817.5 million in daily net inflows amid a broader crypto market rally on Tuesday, which has since paused.Bitcoin fell 3.4% in the past 24 hours to currently trade at $86,855, potentially indicating some profit-taking by investors, according to a BRN analyst.
Spot bitcoin exchange-traded funds in the U.S. recorded $817.5 million in daily net inflows on Tuesday, following $1.1 billion in inflows the day before.
The daily trading volume for the 12 spot bitcoin ETFs was $5.7 billion on Tuesday, compared to $7.3 billion on Monday and $2.8 billion last Friday, according to SoSoValue data .
BlackRock’s IBIT led Tuesday’s inflows, with $778.3 million flowing into the product, drawing in $1.93 billion so far this week. Fidelity’s FBTC also contributed inflows of $37.2 million. Grayscale’s Mini Bitcoin Trust and VanEck’s HODL logged over $10 million in inflows.
Grayscale’s GBTC, the second-largest spot bitcoin ETF by net assets, saw $17.8 million leave the fund, while Ark and 21Shares’ ARKB experienced net outflows of $5.4 million yesterday.
The substantial inflows into the bitcoin ETFs came amid a broader crypto market rally with bitcoin reaching new highs repeatedly over the past few days following President-elect Donald Trump’s victory.
The rally has paused, however, with bitcoin dropping 3.4% over the past 24 hours at $86,855 at the time of writing, after briefly breaking above the $90,000 level on Tuesday, according to The Block’s bitcoin price page . Ether fell 7.35% to change hands at $3,142.
“Bitcoin’s rally paused with its first red candle appearing yesterday, following an intraday peak at $90,000,” said Valentin Fournier, an analyst of BRN. “We believe this indicates some profit-taking by large investors, potentially leading to a brief correction before prices resume their upward momentum.”
Upcoming events and technical indicators may signal a potential reversal in prices, Fournier said. “Currently, upside potential appears stronger than the immediate downside risk. However, the upcoming CPI release today could introduce market volatility if the number exceeds expectations.”
Ether ETFs record large inflows
Meanwhile, spot Ethereum ETFs in the U.S. posted net inflows of $135.9 million on Tuesday, marking their second-highest inflows since debut.
BlackRock’s ETHA saw the largest daily inflows among these ETFs, with $131.5 million in inflows. Bitwise’s ETHW logged nearly $17 million in inflows, while Grayscale’s Mini Ethereum Trust experienced inflows of $12.7 million.
Grayscale’s ETHE was the only spot ether ETF to report negative flows, with $33.2 million exiting the fund.
The nine ether funds' cumulative total flows turned positive for the first time since their launch date of July 23, now standing at $94.62 million. The figure stood at negative $686 million on Sept. 23, according to SoSoValue.
Trading volume for the spot ether ETFs dropped to $582.2 million on Tuesday, down from $913 million the day before. Nonetheless, Tuesday's volume is the second-largest volume since July 29.
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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