Bitcoin, Ethereum ETF Inflows Surge To $117M: ‘Regardless Of Which Party Wins, Both Candidates Need To Establish Leadership,’ Expert Says
By Benzinga
Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) spot ETFs saw substantial inflows on Sep. 10, with Bitcoin ETFs attracting $117 million and Ethereum ETFs $11.437 million in net inflows. This surge coincides with the cryptocurrency market’s response to recent political developments and evolving economic indicators.
What Happened: The fund flow data reveals strong performance across multiple ETF providers.
For Bitcoin ETFs, Grayscale‘s mini ETF (NYSE:BTC) recorded a single-day inflow of $41.128 million, data from SoSo Value shows.
Fidelity‘s ETF (BATS:FBTC) emerged as the top performer, contributing $63.1561 million to the total inflow.
These two ETFs accounted for the bulk of the $117 million net inflow for Bitcoin spot ETFs on Sep. 10.
Ethereum ETFs saw a reversal of recent trends, with a total net inflow of $11.437 million following five consecutive days of outflows, according to data.
Fidelity‘s ETF (CBOE: FETH) led the Ethereum inflows with $7.1269 million, while BlackRock‘s ETF (NASDAQ:ETHA) added $4.3101 million, indicating a potential shift in investor sentiment towards the second-largest cryptocurrency.
Also Read: Bitcoin Poised For Significant Rally In October And November, Says Bitwise CIO Matt Hougan
Why It Matters: Speaking with Benzinga, Ben El-Baz, Managing Director of HashKey Global noted that the recent U.S. presidential debate directly impacted Bitcoin’s price, causing a sharp drop during the event.
He attributed this to market concerns about future policy uncertainties.
Emphasizing the growing importance of Web3 technologies in the political landscape, El-Baz stated, “Regardless of which candidate ultimately wins, the rise of Web3 has become an irreversible historical trend. Both the Democratic and Republican parties need to establish leadership in this technological revolution to win voter support.”
Data analytics firm CryptoQuant provided analysis suggesting a potential upcoming Bitcoin bull run and highlighted decreasing Bitcoin reserves on exchanges and rising stablecoin reserves as key factors.
“The combination of shrinking Bitcoin reserves and rising stablecoin reserves sets the stage for a bullish price breakout. With reduced Bitcoin supply and growing buying power, the market is primed for a potential upward move,” CryptoQuant stated.
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