The United States spot Bitcoin ETFs Gain exchange-traded funds (ETFs) experienced renewed investor interest on Wednesday, June 13th, 2024, following a two-day decline that was particularly severe. According to SoSoValue, these funds generated a net inflow of $100.9 million. This indicates a potential shift in attitude after a record-breaking 19-day inflow streak was interrupted earlier in the week. This occurred after the streak had been going on for 19 consecutive days.
On Wednesday, the FBTC fund managed by Fidelity Digital Assets displayed the highest level of performance, achieving a net inflow of $51 million. IBIT, which BlackRock held, followed with sixteen million dollars, demonstrating that institutional engagement in the Bitcoin market is still ongoing.
Additionally, Bitwise’s BITB experienced positive net inflows of $15 million and $12 million, respectively. VanEck’s HODL indicates a more comprehensive level of investor confidence. Even Ark Invest’s ARKB, well-known for its singular concentration on disruptive innovation, Increased. Its exposure to Bitcoin ETFs gained by nine million dollars.
Overall Inflows Strong Despite GBTC Lag
In January 2024, Grayscale’s GBTC was converted into a spot bitcoin exchange-traded fund. It has primarily seen negative net flows ever since that time. The fund reported that there were no inflows on Wednesday. A lack of activity was also observed with funds from WisdomTree, Invesco, and other sources. Even still, the total net inflow for all eleven spot bitcoin exchange-traded funds in the United States is $15.52 billion.
When critical economic data from the United States was released, investor interest rose. According to a report by the United States Bureau of Labor Statistics, the consumer price index (CPI) for May was unchanged, which may indicate that inflation is slowing down, according to a report by CNBC. This may have contributed to increased investor confidence as they seek to insulate themselves against future price increases.
Even though there were good inflation figures, the Federal Open Market Committee (FOMC) decided to maintain the target range for the federal funds rate at 5.25% to 5.50% during their meeting in June. CNN said the Federal Reserve’s action demonstrates its commitment to combating inflation, even if it slows down the economy’s expansion. As a demonstration of their cautious approach to preventing deflation, the Federal Reserve anticipates only one rate drop for the remainder of the year 2024.
Also Read: Bitcoin Spot ETFs in the U.S. Witnessed $328M Outflows Last Week
Economic Events Affect Bitcoin Price
There was a moderate response, from the bitcoin price to the influx of funds and development. The leading cryptocurrency in the world has seen a tiny growth of 0.25% over the last twenty-four hours. Its price has remained relatively stable at $67,556.
The reintroduction of inflows into U.S. spot Bitcoin ETFs Gain signals a potential shift in investor mood and a wait-and-see strategy as the economic picture evolves. This is even though the price movement has remained the same.
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