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Senior Bloomberg ETF analyst Eric Balchunas highlighted on Tuesday that Bitcoin ETFs are experiencing substantial inflows.
What Happened: Bitcoin ETFs added more than $300 million yesterday and $1 billion for the week.
The year-to-date net total has surpassed $16 billion, exceeding initial estimates of $12-15 billion for the first 12 months, Balchunas noted.
“The Bitcoin ETFs are in ‘two steps forward’ mode after one step back in June,” he said on social media. See below.
Per data from SoSoValue, U.S.-based spot Bitcoin ETFs added another $300 million on Monday. This marks the seventh consecutive day of net inflows.
Most of the inflows were directed towards BlackRock‘s iShares Bitcoin Trust (NASDAQ:IBIT), which took in $117.2 million.
Fidelity‘s Wise Origin Bitcoin Fund (BATS:FBTC) is nearing the $10 billion assets under management threshold.
See Also: Odds Of Trump Presidency Raised To All-Time High By Crypto Bettors After Assassination Bid
Why It Matters: Balchunas’ tweet comes after a period of fluctuating inflows and outflows in the Bitcoin ETF market.
Recent spot Bitcoin ETFs have been “buying the dip” despite significant selling pressure from sources like the defunct crypto exchange Mt. Gox.
Funds movement by a wallet associated with the defunct exchange only briefly impacted the price of Bitcoin (CRYPTO: BTC) in Tuesday trading.
Despite criticism from figures like Peter Schiff, who suggested that “smart money” is selling Bitcoin while “dumb money” is buying through ETFs, the recent inflows suggest a robust market sentiment.
Schiff’s expressed concerns over ETF investors bearing potential losses, but inflow data shows ETF investors to be favoring the buy side at lower prices.
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Image: Shutterstock
