US BTC Spot ETF Sees Massive Inflow of $123 Million, Propelling Bitcoin to New Heights
CryptoNewsTerminal Staff29 Jul, 2024
US BTC Spot ETF Sees Massive Inflow of $123 Million, Propelling Bitcoin to New Heights
US BTC spot ETF inflows surged by a substantial $123 million on the previous day, signaling growing institutional interest in the cryptocurrency market, according to data from TraderT. Blackrock's IBIT ETF led the inflows, receiving $204 million, while Grayscale's GBTC witnessed a net outflow of $54.3 million. Smaller ETFs like Bitwise BITB and Fidelity FBTC also experienced outflows of $21.3 million and $5.9 million, respectively. This significant inflow into the US BTC spot ETF is a testament to the increasing adoption of Bitcoin as a mainstream investment asset. The inflows suggest that institutional investors are becoming more comfortable with the cryptocurrency and recognizing its potential as a hedge against inflation and market volatility.
