Bitcoin (BTC)-based exchange-traded funds (ETFs) in the United States reported net inflows of more than $158 million on Thursday, recovering from outflows of $52 million recorded the previous day.
However, the fact that stands out is that, from August 25 to September 19, BlackRock’s iShares Bitcoin Trust (IBIT) only had capital inflows on a single day, the 16th of this month.
As CriptoNoticias already reported, IBIT is the largest fund in the world and since its launch on January 10, 2024, it has raised 357,550 BTC. BlackRock’s ETF currently holds 1.81% of the circulating supply of the digital currency created by Satoshi Nakamoto, which is 19,756,571 BTC.
So far this month, BlackRock’s ETF reported $15 million on the 16th, while on the 9th it had outflows of more than $9 million. That is, the largest fund in the world has only had capital inflows of $6 million in September.
It is worth noting that the ninth month of the year is usually complicated for financial markets, including BTC and cryptocurrencies. What happens is that in the northern hemisphere it is summer and Economic activities slow down their usual pace due to the holidays.
However, it is worth noting that the remaining 11 ETFs were more active than BlackRock’s IBIT.
For example, the ARK 21Shares Bitcoin ETF (ARKB) fund from ARK and 21Shares saw inflows of more than $122 million so far in September.
Bitwise’s Bitwise Bitcoin ETF (BITB), meanwhile, reported $60 million in revenue.
WisdomTree’s WisdomTree Bitcoin Trust (BTCW) saw net inflows of $3.2 million. It reported no inflows or outflows over the remaining 12 days.
The world’s largest fund’s poor performance over the past month seems not to have had much impact on the BTC price.
As CriptoNoticias reported, the price of the digital asset is going through the best September in its history and so far has registered an increase of more than 7%, so far in the ninth month of 2024.
The asset is currently priced at $63,380.
The impact of rate cuts
One of the reasons why bitcoin ETFs are not fully impacting the price of the digital currency is the announcement of the United States Federal Reserve (Fed) from September 18th.
After 4 years, the organization led by Jerome Powell confirmed a reduction of the annual interest rate by 0.5 points, bringing it to 5%.
This is an important issue for Bitcoin and cryptocurrencies, as lower rates lower the cost of borrowing and increase liquidity.
It is in these contexts that The interest of companies and investors in the assets considered riskywhich generate higher returns, although they are exposed to large market fluctuations.
