Bitcoin ETFs See $27.8 Million Inflow As Grayscale Breaks 14-Day Outflow Streak

Bitcoin ETFs Attract $27.8 Million Amid Market Recovery

The cryptocurrency market saw a notable shift on Monday as Bitcoin Exchange Traded Funds (ETFs) recorded a significant inflow of $27.8 million.

This marks a positive turn for Bitcoin ETFs, which have been closely watched by investors following recent market fluctuations.

“Bitcoin ETFs have been experiencing a volatile period, but Monday’s inflow is a sign of renewed investor confidence,” said James Brown, a crypto market analyst at Farside Investors UK.

According to the data, nine Bitcoin ETFs, including heavyweights like ARKB by Ark and 21Shares, led the pack. ARKB alone pulled in $35.4 million, while Blackrock’s IBIT added $13.4 million to its holdings. Grayscale’s BTC ETF also saw positive movement with an inflow of $7.9 million.

However, not all ETFs enjoyed the same success. Bitwise’s BITB led the outflows with $17.1 million exiting the fund, followed by Grayscale’s GBTC, which saw $11.8 million leave. Despite these outflows, the net positive inflow across the Bitcoin ETFs is being viewed as a healthy sign for the market.

Grayscale Ends 14-Day Outflow Streak

Monday was particularly noteworthy for Grayscale’s ETHE, a spot Ether ETF that had been on a 14-day outflow streak.

The fund managed to end the trading day with zero outflows, signaling a potential change in investor sentiment.

“Ending the 14-day outflow streak for Grayscale’s ETHE is a significant event. It indicates that investors are reconsidering their positions and possibly looking for a market rebound,” Brown added.

Grayscale’s ETHE had been under pressure since its conversion to a spot Ethereum ETF, but Monday’s performance could mark a turning point.

This shift comes just after the launch of nine other spot Ethereum ETFs, which have been competing for investor attention.

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Bitcoin Price and Market Performance

At the close of Monday’s trading session, Bitcoin was priced at $58,698, reflecting a 0.2% drop in the last 24 hours.

Despite this minor decline, the cryptocurrency has seen a 6.3% rise over the past week, although it remains 20.6% below its all-time high.

“The Bitcoin market is stabilizing, but it’s still far from its peak. The performance of Bitcoin ETFs will likely play a crucial role in how the cryptocurrency fares in the coming weeks,” said Sarah Thompson, a financial strategist at Thompson Analytics.

Ethereum ETFs See Modest Inflows

In contrast to Bitcoin, Ethereum ETFs recorded a modest inflow of $5 million on Monday. While this is one of the smallest inflows in recent days, it still represents a positive trend for the asset.

Fidelity’s FETH led the Ethereum ETFs with a $4 million inflow, followed by Bitwise’s ETHW, which pulled in $2.9 million.

Franklin Templeton’s EZET added $1 million to its holdings. On the downside, VanEck’s ETHV experienced an outflow of $2.9 million, the only Ethereum ETF to record a loss for the day.

Ethereum Price and Market Analysis

Ethereum is currently trading at $2,631, down 0.5% in the last 24 hours. Despite this decline, the cryptocurrency is up 6.9% over the past week, though it remains 46.2% below its all-time high.

“The inflows into Ethereum ETFs, although modest, are a positive indicator. The market is still adjusting, and investors are cautiously optimistic,” said Thompson.

What to Expect

Both Bitcoin and Ethereum have shown resilience following last week’s market crash. The performance of their respective ETFs suggests that these leading cryptocurrencies may continue to stabilize and possibly recover further in the coming days.

“Investors are watching the ETF markets closely, as they could be key to driving future price movements for Bitcoin and Ethereum,” Brown concluded.

The coming days will be critical for the crypto market, as investors look for signs of sustained recovery or further volatility.