Bitcoin reclaims $60K amid largest ETF inflow since July 22, led by BlackRock

exchange68September 10, 2024

0 3 2 minutes read

Quick Take

On Aug. 8, Bitcoin surged to reclaim the $60,000 mark, a significant recovery from its low of $49,000 on Aug. 5.

Bitcoin

This resurgence in Bitcoin’s price coincided with notable inflows of $194.6 million into Bitcoin ETFs, marking the most significant inflow since July 22. BlackRock’s IBIT led the charge with a $157.6 million inflow, its largest since July 29. Fidelity’s FBTC saw an inflow of $65.2 million, the first since July 26, while Ark’s ARKB and WisdomTree’s BTCW recorded inflows of $32.8 million and $118.5 million, respectively. However, Grayscale’s GBTC experienced a significant outflow of $182.9 million, the largest since April 8.

Ethereum

In contrast, Ethereum ETFs experienced a $2.9 million outflow. Grayscale’s ETHE saw reduced outflows of $19.8 million, while BlackRock’s ETHA registered an inflow of $11.7 million. Despite these figures, total outflows for Ethereum ETFs now stand at $390.6 million, according to Farside data.

Bitcoin ETF options are expected to go live in Q4, potentially driving further market activity.

Analyst

James Van Straten

Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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