Bitcoin Spot ETFs Keep Buying The Dip This Week: Here’s Why
By Benzinga
Bitcoin (CRYPTO: BTC) spot ETFs recorded $216 million in net inflows on Tuesday after an already strong start to the week.
What Happened: SoSoValue data shows BlackRock‘s iShares Bitcoin Trust (NASDAQ:IBIT) leading the charge with $121.03 million in inflows, followed by Fidelity‘s Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) with $90.95 million. Ark Invest and 21Shares fund (BATS:ARKB) reported $43.3 million in inflows.
Grayscale‘s GBTC (OTC:GBTC) reported outflows of $37.5 million, as did Bitwise‘s ETF (BATS:BITB) with $4.72 million.
The cumulative total net inflow tallies at $15.27 billion since January.
Bitcoin is up 1.4% over the past 24 hours to trade around $58,000 but has slightly dipped from its intraday high of $59,000.
Also Read: CPI Data, Jerome Powell, Ethereum ETFs: What Bitcoin Traders Are Watching This Week
Why It Matters: U.S. Federal Reserve Chair Jerome Powell said Tuesday the U.S. labor market is “fully back in balance.” With key U.S. economic data, such as initial jobless claims and consumer price index data, coming on Thursday, traders are hopeful a September rate cut may be back on the table.
According to Polymarket traders, there is a 68% chance the Federal Reserve will cut rates by September.
Analysts from Bitfinex have suggested that Bitcoin may have found a local bottom at $53,219, indicating potential stabilization. This comes after significant selling pressure from entities like the defunct crypto exchange Mt. Gox and the German government moving large amounts of BTC to exchanges.
What’s Next: The impact of Bitcoin ETFs is expected to be thoroughly discussed at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
