Bitcoin's Bull Run Drives Crypto-Fund Inflows To Highest In Two Year, Ether Achieves First Positive Net Flow This Year
Portfolio Pulse from Khyathi Dalal
Bitcoin and Ethereum have reached their highest levels of the year, with digital asset funds experiencing record inflows. Last week saw an increase of $176.3 million in inflows into cryptocurrency futures-based ETFs, bringing the 10-week total to $1.76 billion. Bitcoin had a weekly inflow of $132.8 million, while Ethereum had $30.8 million. Canada, Germany, and the U.S. led regional inflows, while Asia saw net outflows. BlackRock, Fidelity, and Grayscale are among firms awaiting SEC approval for spot Bitcoin ETFs. The Crypto Fear & Greed index indicates increasing investor sentiment.
December 04, 2023 | 8:57 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
ProShares Bitcoin Strategy ETF (BITO) may see increased interest and potential price impact due to the surge in inflows into cryptocurrency futures-based ETFs.
As BITO is a futures-based Bitcoin ETF, the record inflows into digital asset funds and the positive sentiment around cryptocurrencies are likely to increase investor interest in BITO, potentially driving up its price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Grayscale Bitcoin Trust (GBTC) may experience positive price movement due to the overall increase in cryptocurrency investment and the positive market sentiment.
Grayscale is one of the firms managing cryptocurrency funds, and the increased inflows into the sector, along with the positive sentiment reflected in the Crypto Fear & Greed index, could lead to a rise in GBTC's price.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 70