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Bitcoin ETF Inflows Continue Amid Rising Approval Odds for Ethereum ETFs. ⚡⚡⚡
In a remarkable display of investor confidence, US spot Bitcoin exchange-traded funds (ETFs) have seen net inflows of $241.12 million on Monday, marking the sixth consecutive day of positive inflows—the longest streak since mid-March. This momentum underscores a burgeoning interest in cryptocurrency-based investment products.
🔹Leading the Charge
Several prominent ETFs have significantly contributed to these inflows:
🔸Ark Invest and 21Shares' Spot Bitcoin ETF: $70 million
🔸BlackRock's IBIT: $66 million
🔸Fidelity's FBTC: $65 million
🔸Bitwise's Spot ETF: $30 million
🔸Grayscale's GBTC: $10 million
🔸WisdomTree's BTCW: $5 million
Over the past six days, 11 spot Bitcoin ETFs have collectively amassed over $1.18 billion in net inflows, bringing the total to $12.87 billion since the beginning of the year.
🔹Bitcoin Price Surge
This influx of investment coincides with a significant surge in Bitcoin’s price, which has increased by 6.35% in the last 24 hours, breaking past the $71,000 mark. Such price movements further fuel investor enthusiasm and confidence in Bitcoin as a valuable asset.
Ethereum ETF Approval on the Horizon
Adding to the excitement, Bloomberg analysts have raised the probability of the SEC approving spot Ethereum ETFs from 25% to 75%. This potential approval is expected to draw even more interest to the cryptocurrency market, bolstering investor confidence and potentially leading to further inflows into cryptocurrency ETFs.
🔹Market Impact
The continuous inflows into Bitcoin ETFs and the rising approval odds for Ethereum ETFs reflect a broader acceptance and trust in cryptocurrency investment products. As investor interest grows, the market is likely to see sustained growth and innovation in cryptocurrency-based financial instruments.
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