Bitcoin, Ethereum ETFs Saw $176M Net Inflows Despite Market Correction Last Week
Portfolio Pulse from Murtuza Merchant
Digital asset investment products saw $176 million in net inflows last week despite a market correction. Ethereum led with $155 million in inflows, while Bitcoin recovered with $13 million in net inflows. Short Bitcoin ETPs experienced significant outflows, reducing their Assets under Management to the lowest level since the beginning of the year.
August 12, 2024 | 5:02 pm
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POSITIVE IMPACT
Bitcoin recovered from initial outflows to end the week with $13 million in net inflows. However, short Bitcoin ETPs saw significant outflows, reducing their Assets under Management to the lowest level since the beginning of the year.
The recovery in Bitcoin inflows and the significant outflows from short Bitcoin ETPs suggest a positive sentiment towards Bitcoin, likely driving its price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Ethereum saw $155 million in net inflows last week, marking its highest year-to-date inflows since 2021. The launch of U.S. spot-based ETFs has been a key driver behind this strong performance.
The substantial inflows into Ethereum indicate strong investor confidence and interest, likely driving its price up in the short term.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100