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On Tuesday, spot Bitcoin ETFs in the US experienced strong net inflows totaling $216.33 million, marking the third consecutive day of positive investment activity in this sector. BlackRock’s IBIT ETF underscored its dominant market position with a net inflow of $121.03 million. Following closely was Fidelity’s FBTC with a net inflow of $90.95 million, indicating strong investor confidence in these financial products.
How Are Other ETFs Performing?
Ark Invest and 21Shares’ ARKB ETF also saw significant inflows of $43.3 million, while VanEck’s Bitcoin fund recorded an inflow of $3.27 million. However, not all ETFs gained, as Grayscale’s GBTC reported an outflow of $37.5 million and Bitwise’s BITB saw a net outflow of $4.72 million.
In total, trading activity in these 11 spot Bitcoin ETFs reached $1.19 billion on Tuesday alone, reflecting significant market participation and liquidity. Since their introductions in January, these ETFs have collectively attracted net inflows of $15.27 billion, indicating growing institutional and individual interest in Bitcoin as an investment asset.
Bitcoin Price Increased
In terms of market performance, Bitcoin’s price increased by 1.58% in the last 24 hours, reaching $58,154. This rise follows the cryptocurrency’s recovery from the low levels near $54,000 observed last Friday.
Developments surrounding the defunct crypto exchange Mt. Gox, which has begun moving its Bitcoin assets as part of a $9 billion repayment process, contributed to market sentiment.
Powell’s Statements Had a Positive Impact
In this context, US Federal Reserve Chairman Jerome Powell spoke on Capitol Hill, stating that the US economy no longer shows signs of overheating. Powell reassured investors amid ongoing economic data releases, emphasizing that the labor market appears “fully balanced.”
Key reports expected later in the week, including initial jobless claims and the consumer price index, are anticipated to provide further insights into economic trends and their potential impacts on financial markets.
