Bitcoin Spot ETF Inflows totaled $192.5 million on Thursday, the highest in two weeks, after a global market sell-off saw bitcoin drop below $50,000 earlier this week.
New Arrivals: 🇺🇸 #Bitcoin ETFs saw inflows of $192 million, the most in more than two weeks.
The tide is turning 🚀 pic.twitter.com/y7Ra6NK4jA
— Bitcoin Magazine (@BitcoinMagazine) August 9, 2024
The inflows helped push Bitcoin back above $60,000 on Friday, marking a sharp reversal after the cryptocurrency plunged nearly 20% to its lowest level since February.
of Black Rock iShares Bitcoin Trust (IBIT) led the rally with inflows of $157.6 million on Thursday. Wisdom Tree Bitcoin Trust (BTCW) also saw impressive results, raising over $118.5 million in new funds, the company’s largest single-day raise since launch.
BTCW has generally lagged behind its rivals and has struggled to top $11 million in daily inflows since its debut in January — its previous all-time high was $10.5 million — but Thursday’s surge made it its best-ever performance yet.
The inflows signal a renewed appetite for Bitcoin after a wave of selling earlier this week that also hit stock markets such as the Nasdaq. Last Friday’s disappointing U.S. jobs report sparked fears of a recession.
The recovery in price and inflows suggests that Bitcoin’s sell-off may have been temporary and not the start of a new bearish trend. The recovery to $60,000 has bulls targeting a retest of the all-time high above $73,000 in 2024.
