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Bitcoin ETF Inflows Top $800M as Market Braces for Possible Correction

Bitcoin ETF Inflows Top $800M as Market Braces for Possible Correction

CryptodnesCryptodnes2024/11/14 05:44
By:Cryptodnes

Spot Bitcoin ETFs in the U.S. saw significant inflows this week, with $817.5 million on Tuesday, following Monday’s $1.1 billion.

Daily trading volume across 12 spot Bitcoin ETFs reached $5.7 billion on Tuesday, up from $2.8 billion last Friday, according to data from Farside .

BlackRock’s IBIT led Tuesday’s inflows with $778.3 million, totaling $1.93 billion for the week. Fidelity’s FBTC added $37.2 million, while Grayscale’s Mini Bitcoin Trust and VanEck’s HODL each saw over $10 million. Grayscale’s GBTC had $17.8 million in outflows, and Ark and 21Shares’ ARKB reported $5.4 million in net outflows.

Bitcoin’s recent price surge, driven by a crypto market rally after Donald Trump’s election win, has temporarily paused. The asset dropped 3.4% to $86,855 after briefly surpassing $90,000. Ether also declined 7.35% to $3,142.

READ MORE:
Robinhood CEO Predicts Bitcoin Boom Under Trump’s Pro-Crypto Administration

Some analysts expect that Bitcoin’s pullback may reflect profit-taking among large holders, potentially leading to a short-term dip before an upward trend resumes, and that prices could additionally be impacted by today’s CPI release.

Spot Ethereum ETFs recorded significant activity on Tuesday, drawing in $135.9 million, their second-largest daily inflow since launch. BlackRock’s ETHA led the pack, attracting $131.5 million. Bitwise’s ETHW added nearly $17 million, and Grayscale’s Mini Ethereum Trust followed with inflows of $12.7 million.

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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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