bitcoin spot ETFs on Thursday saw their largest inflows in more than two weeks, totaling $192.5 million. This comes after bitcoin fell below $50,000 earlier this week amid a global market sell-off.
<blockquote class="twitter-tweet”>
NEW: twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETFs saw inflows of $192 million, the highest figure in more than two weeks.
The tide is turning photo.twitter.com/y7Ra6NK4jA
— bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1821826588343685222?ref_src=twsrc%5Etfw”>August 9, 2024
The inflows helped propel bitcoin back above $60,000 on Friday. It represents a quick reversal after bitcoin plunged nearly 20% to its lowest level since February.
The BlackRock iShares bitcoin Trust (IBIT) led the rally, with $157.6 million in inflows on Thursday. The WisdomTree bitcoin Trust (BTCW) also had a standout day, attracting over $118.5 million in new capital, its largest single-day fundraising since launch.
Overall, BTCW has lagged behind its rivals and has struggled to surpass $11 million in daily inflows since its debut in January. Its previous record was $10.5 million. But Thursday's surge made it the best performer.
The inflows are evidence of renewed interest in bitcoin exposure following a sell-off earlier in the week, which also hit stock markets such as the Nasdaq. Last Friday's disappointing US jobs report triggered recession fears.
The price rebound and money inflows suggest that the bitcoin sell-off may have been a temporary blip rather than the start of a new downtrend. The recovery to $60,000 has bulls hoping to retest all-time highs above $73,000 in 2024.
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