Spot Bitcoin ETFs Record Highest Inflows in the Last Two Weeks
Bitcoin spot ETFs experienced their largest inflows in over two weeks on August 8th, 2024, totaling $192.5 million.
This followed a decline in Bitcoin's price below $50,000 earlier in the week, which occurred amid a broader global market downturn.
These inflows contributed to Bitcoin's price rising back above $60,000 the following day, after it had dropped nearly 20% to its lowest level since February.
The BlackRock iShares Bitcoin Trust (IBIT) recorded the highest inflows, with $157.6 million on Thursday.
The WisdomTree Bitcoin Trust (BTCW) also saw significant inflows, receiving over $118.5 million in new capital, marking its largest single-day inflow since its launch.
BTCW had previously seen lower daily inflows, rarely exceeding $11 million since its debut in January, with its prior record at $10.5 million. Thursday's inflows made it the top performer among Bitcoin spot ETFs.
The recent inflows suggest renewed interest in Bitcoin investments following a period of selling that also impacted stock markets, including the Nasdaq.
Last Friday's U.S. jobs report also raised concerns about a potential recession.
The recovery in Bitcoin prices and ETF inflows may indicate that the recent selloff was a temporary fluctuation rather than the start of a sustained downward trend.
The return to $60,000 has led to speculation about a possible retest of all-time highs above $73,000 in 2024.