Bitcoin ETF Market Sees Massive $556M Inflow, BTC Price Jumps 5%
- DDDOriginal
- 2024-10-15 18:10:18408browse
Yesterday was a very special day for the Bitcoin ETF market, as it saw a massive inflow of $555.90 million. Notably, on the same day, the price of Bitcoin jumped from $62,890 to $66,082, marking an impressive surge of nearly 5.07%.
Bitcoin ETF market experienced a massive inflow of $555.90 million on October 14, as reported by the Bitcoin Spot ETF Net Inflow data. This marks the largest net inflow since June 5, 2024, and the eighth largest since the launch of BTC ETFs, according to a post by X by Spot On Chain.
Meanwhile, over the last 24 hours, the BTC market has seen a surge of 2.3%. Yesterday, the market opened at around $62,874.37 and closed at $66,082.47, showing a rise of nearly 5.07%. At the time of writing, the market is trading at a price of $65,351.86, which is slightly lower than the closing price of yesterday. The market is experiencing a slight bearish pressure at the moment, with a 0.3% drop in the last hour.
Among the 11 Bitcoin Spot ETFs, iShares Bitcoin Trust (IBIT), Grayscale Bitcoin Trust (GBTC), Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and Bitwise Bitcoin ETF (BITB) are the top five by Asset Under Management.
Out of these five, at least three, FBTC, ARKB, and BITB, have recorded an increase in their BTC holdings in the last 24-hours. ARKB has recorded the highest rise of 5.07%, while BITB and FBTC have reported 3.84% and 2.00%, respectively.
In the last seven days, almost all the eleven BTC Spot ETFs have recorded a rise in their BTC holdings, except GBTC and BTC.
As opposed to the general trend, Grayscale Bitcoin Trust and Grayscale Bitcoin Mini Trust have registered a -0.40% and -1.05% fall in holdings over the last seven days. Interestingly, Invesco Galaxy Bitcoin ETF is the one which has reported the highest 7-day rise in BTC holdings at 6.03%.
The increasing BTC holdings by Bitcoin ETFs reflects growing investor confidence in the future growth of the Bitcoin market.
The four-hour chart of BTC shows that the second candlestick of the day pulled the price much lower than the last candlestick of the previous day. Currently, the third candlestick is trying to push the price upwards. It is crucial to watch whether it can cover the loss the market suffered in the previous candlestick.
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