As a seasoned crypto investor with a decade of experience under my belt, I’ve seen the market ebb and flow like the tide. The recent influx of $475.15 million into Bitcoin ETFs is a positive sign that institutional interest is on the rise. Fidelity’s FBTC leading the charge is no surprise to me – they’ve always been one step ahead in this game.
On Thursday, the U.S. Bitcoin ETF market experienced a comeback, ending a four-day run of outflows with a significant inflow of $475.15 million. This change in trend appears to align with increased institutional interest, following KULR Technology Group’s announcement of their strategic approach towards Bitcoin. Presently, Bitcoin is grappling to exceed the symbolic $100,000 threshold. As of now, its value stands at approximately $96,774, demonstrating a 1.3% daily volatility. The total market capitalization of Bitcoin amounts to a substantial $1.92 trillion, with a 24-hour trading volume of $38.81 billion.
On Thursday, Fidelity’s FBTC took the lead with a contribution of $254.37 million to the overall inflow. ARK and 21Shares’ ARKB came in second with $186.94 million, while BlackRock’s IBIT added $56.51 million. Smaller contributions were made by Grayscale’s Bitcoin Mini Trust (BTC) to the tune of $7.19 million and VanEck’s HODL at $2.70 million.
On the other hand, not all Exchange-Traded Funds (ETFs) experienced the positive trend. For instance, Grayscale’s GBTC and Bitwise’s BITB witnessed outflows of $24.23 million and $8.32 million respectively. According to SoSoValue data, five other ETFs did not report any inflows.
Continuing with its positive trajectory, KULR Technology Group, listed on the New York Stock Exchange, declared its acquisition of 217.18 Bitcoins for approximately $21 million. This decision signifies the company’s venture into holding Bitcoin as a part of its treasury reserves, a strategy that has gained prominence among companies such as MicroStrategy.
Currently, Bitwise is seeking approval for a new Exchange-Traded Fund (ETF) titled “Bitwise Bitcoin Standard Corporations ETF”. This fund intends to purchase stocks of corporations that hold more than 1,000 Bitcoins in their reserves.
Nate Geraci, president of ETF Store, noted the increasing tendency of companies incorporating Bitcoin into their reserve assets. He described this phenomenon as “the BTC treasury operations trend spreading like a virus,” in a recent statement on platform X.
It’s worth mentioning that Bitcoin ETFs experienced a 15-day winning streak earlier this month, suggesting that the recent downturn might have been a short-lived market fluctuation. Since their debut in January, these investment funds have collectively accumulated approximately $35.96 billion in net investments.
Spot Ethereum ETFs also recorded a positive flow of $117.09 million on Thursday.
Bitcoin Battles for $100K
The fluctuations in Bitcoin’s price continue to be significant as it currently stands at approximately $95,600, representing a 2.35% decrease over the past day. This decline comes after reaching an all-time high of $108,268 on December 17. Earlier today, Bitcoin attempted to break through the $100,000 barrier but was unsuccessful. As a result, its market capitalization, which had surpassed $2 trillion, now sits at around $1.88 trillion, suggesting persistent negative market trends.
The broader cryptocurrency market has also faced a 1.08% drop in its market cap, currently sitting around $3.32 trillion.
While firms like MicroStrategy and Metaplanet are seizing the opportunity by purchasing Bitcoin at reduced rates during a market downturn.
Even with these obstacles, certain technical indicators point towards a potential resurgence. As mentioned by CryptoQuant contributor Burrakesmeci, there’s a bullish trend emerging in Binance‘s Bitcoin Taker Buy Volume starting from late October. This specific metric monitors the volume of buy transactions executed at the most advantageous price, and it has been showing “higher lows,” suggesting growing investor enthusiasm and buying pressure.
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2024-12-27 12:57