Bitcoin (BTC) exchange-traded funds (ETFs) in the United States recorded inflows of more than $12 million and have seen capital inflows for three consecutive days.
The big news of the day is that BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest ETF, reported money coming in again after three weeksThe last time was on August 25th.
In this way, he put an end to its longest losing streak since it came on the marketIn total, there were 11 days without trading flows and two days with money outflows.
According to data from SosoValueFidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC) and Franklin Templeton’s Franklin Templeton Digital Holdings Trust (EZBC) both had inflows of over $5 million.
Grayscale’s Grayscale Bitcoin Trust (GBTC), meanwhile, recorded capital outflows of more than $20 million.
Since its market launch in January 2024, The 12 BTC-based ETFs accumulate more than $17 billion.
The strong performance of these financial products was key to keeping the price of the digital currency created by Satoshi Nakamoto above $58,000.
At the time of publication of this note, the price of the asset is $59,160.
As explained in Criptopedia (educational section of CriptoNoticias), The performance of cash investment products has a direct impact on the price of the digital asset due to its operation.
What happens is that the companies issuing the ETFs must acquire and hold BTC in their treasuries to back the shares.
In the event of capital outflows from these funds, the firms that manage them could sell the surplus BTC, causing downward pressure on its price.
Thus, the amount of bitcoin available on the market increases or decreases, which can generate downward or upward pressure on its price.
