Bitcoin (BTC) Pushes Closer to Reclaim the $60,000 Mark as Bitcoin ETFs Buy the Dip
- PHPzOriginal
- 2024-08-09 03:12:08915browse
Bitcoin BTC/USD is gaining ground on Thursday, pushing closer to reclaim the $60,000 mark, as Bitcoin ETFs bought the dip on Wednesday.
Bitcoin (CRYPTO: BTC) and Bitcoin ETFs both saw mixed flows on Wednesday, as the total net inflow for Bitcoin spot ETFs stood at $45.1387 million, according to data from SoSo Value.
Grayscale‘s (NYSE:NYSE:GBTC) ETF saw an outflow of $30.5801 million, while BlackRock (NYSE:BLK)’s IBIT ETF saw an inflow of $52.5157 million and WisdomTree (NASDAQ:WETF)’s BTCW ETF had an inflow of $10.4989 million.
The total net asset value of Bitcoin spot ETFs dipped below the $50 billion mark, closing at $49.821 billion.
The story was even more pronounced for Ethereum (CRYPTO: ETH) based funds, with a total net outflow of $23.6766 million.
Grayscale‘s ETHE ETF saw an outflow of $31.8571 million, while Fidelity (NYSE:FNF)’s FETH ETF saw an inflow of $4.7046 million.
The total net asset value of Ethereum spot ETFs stood at $6.626 billion, data shows.
Bitcoin is trading up 5.9% at $59,500, while Ether is trading up 8% at $2,590.
However, according to QCP Capital, Ethereum continues to underperform its counterpart, Bitcoin.
The report cites ongoing liquidations by the trading firm Jump Trading, which still holds a significant $63.6 million position in wrapped staked Ethereum.
Additionally, the movement of 25,757 ETH ($63.1 million) from Plus Token Ponzi 2 wallets in the last 30 hours has created a potential cap on the upside in the near term.
Interestingly, QCP Capital remains bullish on Bitcoin, noting significant call buying activity in the December and March expiries.
The report also highlights that major funds are continuing to roll their September long call positions, further reinforcing the positive sentiment around the leading cryptocurrency.
As the digital asset landscape continues to evolve, these fund flow dynamics and market insights will undoubtedly be a topic of discussion at Benzinga’s Future of Digital Assets event on Nov. 19.
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