Bitcoin briefly hit $65,000 on Tuesday, showing a 14% rise over the past week. Experts think this is likely because of the ETF inflows.
Number go up
On Monday this week, US spot Bitcoin ETFs saw $301 million in net inflows, marking the seventh day of positive flows.
As almost always, leading the pack were BlackRock’s IBIT and ARK Invest’s ARKB, each with about $117 million in daily inflows.
Fidelity’s FBTC and Bitwise’s BITB reported inflows of around $36 million and $15 million.
Other funds like Invesco’s BTCO, VanEck’s HODL, and Franklin’s EZBC also saw gains. Not a bad start for the week!
In contrast, Grayscale’s GBTC, Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI had no inflows on the same day.
Also there was pretty big volatility in the weekend, not surprisingly, as Bitcoin’s price rose above $60,000 on Sunday, continued to climb past $64,000 on Monday, and was around $64,000 at the time of writing, slightly down in the last 24 hours.
We didn’t have ETFs before, we don’t know what will happen
Many experts believe that the launch of Bitcoin ETFs represents a huge development in the crypto industry, and the long term effects are unimaginable.
They anticipate that these ETFs will bring unprecedented amount of investments into the market as more and more traditional finance investors recognize Bitcoin’s unique characteristics.
While short-term inflows might fluctuate, the overall trend shows continuous growth in ETF balances.
As more money flows into Bitcoin, its perceived reliability also increases, and then attracting even more investments.
This will eventually creates a self-sustaining cycle of growth, according to many industry experts.
Germany HFSP
Hank Wyatt, founder of DiamondSwap suggested that the worst of the market correction might be over, because the German government completed its Bitcoin liquidation, reducing the selling pressure.
The Crypto Fear and Greed Index, a measure of market sentiment, has shifted from „fear” to „greed,” reaching a level of 65 today, big jump from the 20s from last week.
Have you read it yet? Crypto crimes are rising in Australia
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