Ethereum
Bitcoin, Ethereum See $1.36 Billion Inflow Amid ETF Optimism, Will Prices Recover?
Following the introduction of Bitcoin and Ethereum ETFs to the trading landscape, an intriguing phenomenon has come to light today, spilling a wave of optimism on these cryptos across the global crypto space.
Bitcoin and Ethereum saw inflows worth $1.01 billion and $35.5 million, respectively, over the past week, reflecting increased investor optimism amid the BTC and ETH buzz ETF organized in the United States after approval. Notably, weekly inflows worth $1.05 billion, combining all digital asset inflows, pushed year-to-date inflows to a record high of $14.9 billion, according to market data. Bitcoin and Ethereum seem to take the lion’s share of the massive inflows recorded.
Bitcoin and Ethereum ETFs Drive Flows to New Highs
Interestingly, Bitcoin and Ethereum alone saw weekly inflows worth $1.04 billion. This historic achievement comes as no surprise, given the rise of BTC and ETH ETF.
However, it is worth noting that ETH ETFs got off to a slow start in the US, in stark contrast to the performance of Bitcoin ETFs.
Meanwhile, weekly inflows of other digital assets contributed to the year-to-date record high, with Solana, Litecoin, XRP and Chainlink contributing to the inflows. On the other hand, Short Bitcoin, Cardano and others have witnessed outflows.
Additionally, monthly inflows for BTC totaled $1.8 billion, while ETH saw outflows worth $11.1 million during the same period.
Increased demand, highlighted by massive inflows, often causes asset prices to rise as the market reacts to the increased buying pressure. Additionally, inflows into Bitcoin and Ethereum-related investment vehicles may signal growing interest and confidence among investors in treating these cryptos as an asset class, potentially attracting more investors to drive prices up further.
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BTC and ETH price movements
At the time of writing, The price of Bitcoin was $68,281.94, down 0.42% from yesterday. In the meantime, The price of Ethereum was $3,891.89, down 0.22% from yesterday.
As mentioned above, the massive inflow has given these assets a bullish tinge, thereby fueling their adoption by investors. Additionally, Coinglass data also highlighted an increase in money inflows for these cryptos into the market.
BTC futures open interest reached unprecedented levels in February this year, with charts showing continued upward momentum above the $30 billion mark at press time. Additionally, open interest in ETH futures has also increased significantly, surpassing the $17 billion mark at press time.
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