Bitcoin Back Above $61,000 As ETFs Record Fifth Straight Day Of Inflows
By Benzinga
Bitcoin spot ETFs recorded a total net inflow of $39.425 million on Aug. 21, showcasing continued investor interest despite looming economic uncertainties.
What Happened: This positive trend comes as Bitcoin‘s (CRYPTO: BTC) price surged above the psychologically significant $61,000 mark to trade at $61,200 at the time of writing, up 3.0%.
The inflows were led by Grayscale’s mini ETF (NYSE:BTC) and Fidelity‘s (BATS:FBTC), which saw inflows of $14.2002 million and $10.6872 million respectively.
However, Grayscale‘s flagship (OTC:GBTC) experienced an outflow of $9.8225 million, indicating a mixed sentiment among institutional investors, according to data from SoSo Value.
In contrast, Ethereum spot ETFs faced a total net outflow of $17.9688 million on the same day.
Grayscale‘s (NYSE:ETHE) bore the brunt with an outflow of $31.1431 million, while Fidelity‘s (CBOE: FETH) and Grayscale’s mini ETF (NYSE:ETH) saw inflows of $7.9286 million and $4.2422 million respectively.
Despite the fund outflows, Ethereum‘s (CRYPTO: ETH) price rose 2.4% to $2,640, suggesting that retail sentiment remains bullish.
Why It Matters: Meanwhile, QCP Capital reported that worries of a sell-off in the market have eased after the July FOMC minutes revealed some policymakers were open to rate cuts, signaling a more dovish stance balancing inflation and employment goals.
The dovish tone lifted risk assets like Bitcoin, which saw its rise fueled by strong buying on Coinbase Inc. (NASDAQ:COIN), indicating U.S. onshore demand. In the past, this has been a good signal for short-term trends.
“Attention now turns to Fed Chair Powell’s Jackson Hole speech tomorrow for more rate-cut signals,” according to QCP Capital.
The upcoming Benzinga Future of Digital Assets event on Nov. 19 will provide further insights into how these macroeconomic factors are influencing digital asset investments.
Read Next:
Image: Shutterstock
