US spot Bitcoin ETFs add $225M as BlackRock’s IBIT offsets redemptions
US spot Bitcoin ETFs saw mixed trading flows Tuesday, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) offsetting redemptions.
Spot Bitcoin (BTC) exchange-traded funds (ETFs) logged $225.2 million in net inflows, according to data from SoSoValue.
The gains were driven largely by IBIT’s $322.4 million in inflows, which offset $89.3 million in outflows from Fidelity Wise Origin Bitcoin Fund (FBTC) and $28.2 million from Grayscale Bitcoin Trust ETF (GBTC), according to Farside data.
Flows in US spot Bitcoin ETFs by issuer (in millions of US dollars). Source: Farside.co.uk
The latest inflows bring the weekly figure to $683.3 million, adding to last week’s $787.3 million in inflows, the first week of positive flows after a five-week outflow streak totaling nearly $4 billion.
The inflows came as crypto market sentiment remained cautious, with “extreme fear” persisting despite BTC rebounding by 5.4% over the past seven days, according to CoinGecko.
Ether fund flows turn negative amid market uncertainty
In line with broader market uncertainty, Ether (ETH) ETFs slipped into negative territory, posting $10.8 million in outflows.
XRP (XRP) and Solana (SOL) funds remained in positive territory, with inflows totaling $7.5 million and $1 million, respectively.
The mixed trading in crypto funds came as geopolitical risks tied to the Middle East conflict weighed on investor sentiment.
The Crypto Fear & Greed Index, a widely followed gauge of market sentiment, fell to 10 on Wednesday after briefly recovering to 14.
The Crypto Fear & Greed Index. Source:
Alternative.me
American billionaire and hedge fund manager Ray Dalio criticized Bitcoin on the All-In Podcast Tuesday, citing its limited privacy, potential quantum computing risks and small market size.
“I think Bitcoin has received a lot of attention, but as a form of money, it’s small compared with gold. There is only one gold,” he said.
Source:
Matt Hougan
Bitcoin advocates, including Bitwise chief investment officer Matt Hougan, pushed back on the criticism, framing it as a long-term opportunity. “Some hear criticism; I hear opportunity,” Hougan said in an X post, adding:
“These are the reasons Bitcoin is 4% the size of gold. If these critiques did not exist, Bitcoin would already be around $750,000 per coin. I invest in Bitcoin in part because I am confident these things will change over time.”
Magazine: Would Bitcoin really be at $200K if not for Jane Street? Trade Secrets
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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