Bitcoin Excels During US Trading Hours, But ETF Inflows Yet To Catch Up: Total Assets In Funds Fall 9% In Past 4 Weeks
By Benzinga
Bitcoin’s (CRYPTO: BTC) performance has been notably stronger during U.S. trading sessions over the past month, but the higher interest was yet to translate into substantial inflows into exchange-traded funds.
What Happened: On Tuesday, Daan Crypto Trades, a widely followed cryptocurrency trader and influencer, drew attention to the apex coin’s recent trading pattern. He noted a marked difference in the cryptocurrency’s performance during U.S. sessions when compared to the below-par European and Asian sessions.
That said, inflows into U.S.-listed ETFs that track the spot price of Bitcoin have been lackluster. According to SoSo Value data, the total value of assets in these funds has decreased by more than 9% since the week ending July 19.
The ETFs recorded total net inflows of $38.94 million on Aug. 13, with iShares Bitcoin Trust (NASDAQ:IBIT) leading the list with a $34.55 million pump, while Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) recording $22.56 million worth of Bitcoin influx.
Why It Matters: The trader’s observations came amid reports indicating a shift in investor behavior. Large wallet holders pivoted to an accumulation strategy last month, after selling off in the run-up to the all-time highs earlier in the year.
Furthermore, Bitcoin has shown a consistent trend of upward movement leading up to the U.S. presidential elections, as noted by Max, CEO and founder of media platform Because Bitcoin, in a recent podcast.
With the next U.S. presidential election on the horizon, it remains to be seen whether this trend will continue and spur increased investments into Bitcoin ETFs.
Price Action: At the time of writing, Bitcoin was exchanging hands at $60,899.86, up 3% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
