BlackRock And Fidelity Lead Bitcoin ETFs To 5-Week High Inflows Of $250 Million

US
spot
Bitcoin
ETFs
(exchange-traded
funds)
recorded
5-week
high
net
inflows
of
over
$250
million
on
Aug.
23,
with
the
investment
products
belonging
to
BlackRock
and
Fidelity
leading
the
way. 

According
to
data
from


Soso
Value,
BlackRock’s
IBIT
and
Fidelity’s
FBTC
posted
the
highest
inflows.
Grayscale’s
GBTC
was
the
only
product
that
recorded
outflows
at
$35
million,
although
its
mini
Bitcoin
fund
registered
$50
million
in
inflows.

Bitwise
Says
Bitcoin
ETFs
Lead
In
Institutional
Adoption
Despite
Retail
Traders
Holding
Most
Of
The
AUM

Coinshares

data
shows
that
Bitcoin-related
ETPs
(exchange-traded
products)
were
the
best-performing
among
all
crypto
investment
products,
totaling
$543
million
last
week.
Most
of
this
inflow
came
from
BlackRock’s
IBIT,
which
saw
$318
million
during
this
period.

Bitwise’s
chief
investment
officer
Matt
Hougan
said
in
an
Aug.
21
thread
on
X
that
Bitcoin
ETFs
are
the
“fastest-growing
ETFs
of
all-time.”
After
the
investment
products
pulled
in
over
$17.5
billion
since
their
launch
in
January,
the
funds
are
on
track
to
“smash
the
previous
record,”
which
is
held
by
the
Nasdaq-100
QQQs,
he
added.

2/
Bitcoin
ETFs
are
the
fastest-growing
ETFs
of
all-time.
They’ve
pulled
in
$17.5
billion
in
net
flows
since
launching
in
January.
This
is
on
pace
to
smash
the
previous
ETF
record,
held
by
the
Nasdaq-100
QQQs,
which
gathered
~$5
billion
in
their
first
year.
It’s
not
even
close.

—
Matt
Hougan
(@Matt_Hougan)

August
21,
2024

Most
of
the
interest
in
spot
Bitcoin
ETFs
comes
from
retail
investors,
Hougan
said
in
the
thread.
While
around
79%
of
the
current
Bitcoin
ETF
assets
under
management
(AUM)
is
held
by
retail
traders,
he

said
that
Bitcoin
ETFs
are
“by
far
the
leaders
in
terms
of
institutional
adoption.”

BTC
Rises
On
September
Interest
Rate
Cut
Hopes

Federal
Reserve
Chairman
Jerome
Powell’s
comments,
“The
time
has
come
for
policy
to
adjust,”
signaled
the
Fed’s
confidence
that
inflation
is
returning
to
target
and
caused
the


Bitcoin
price

to
rally,
pushing
it
above
the
$62,000
resistance
level.
As
a
result,
the
market
now
expects
a
potential
rate
cut
in
the
next
FOMC
meeting,
which
will
happen
on
Sept.
17.
 CoinMarketCap
data
shows
that
the
leading
crypto
is
up
by
more
than
8%
over
the
past
week
to
trade
at
$63,386
as
of
11:25
p.m.
EST.

Despite
a
dovish
tone,
Bank
of
America
(BofA)
notes
that
Chairman
Powell
did
not
indicate
the
need
for
50bp
cuts
but
suggested
gradual
cuts,
with
50bp
cuts
likely
only
if
recession
risks
increase
significantly.  

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