Bitcoin Spot ETFs See $28.72M Inflows Amidst Price Rebound

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Bitcoin Spot ETFs See $28.72 Million Inflows Amidst Rebound in Price and Trading Volume

After experiencing extended outflows of $1.2 billion, Bitcoin spot exchange-traded funds (ETFs) in the U.S. have seen a significant influx of $28.72 million on September 9. This upward trend can be attributed to the rebound in Bitcoin’s price, which has risen to $57,077, a 3.10% increase from yesterday.

The top 11 BTC spot ETFs had witnessed cumulative net outflows of $1.2 billion during a previous period, largely due to Bitcoin’s price fluctuations. The cryptocurrency’s value had dropped by 16% from $64,000 on August 26 to $53,491 on September 7, raising investor concerns. However, the recent upswing in prices has contributed to the renewed interest in Bitcoin spot ETFs, as investors look to capitalize on the upcoming growth.

Despite the inflows, the September 9 figures are significantly lower than those seen during the previous week. BlackRock’s IBIT EFT reported an outflow of $9.1 million on September 9, bringing the total outwards for the year to $59.1m. On the same day, Grayscale’s GBTC ETF experienced a similar drop in assets under management to 222,700 BTC, with outflows of $22.9 million.

However, other ETPs have also seen significant inflows, including Fidelity’S EXPO, which received $28.6 million, Bitwise, which returned $22.0 million, and ARK 21Shares, which followed with $6.8 million respectively. In addition, $3.1 million inflows were reported from Invesco Galaxy’s BTC ETF.

Bitcoin’s price rebound and increased trading volume, which has jumped by 45.83% in 24 hours to $33.822 billion, highlight the growing interest in the cryptocurrency market. Institutional and retail investors are looking for opportunities in Bitcoin spot EFTs, making it an exciting time for the industry.

As the market continues to fluctuate, investors will be closely monitoring these ETFs to determine if they are showing signs of sustained growth and increasing adoption. To stay up-to-date on the latest developments in the cryptocurrency market, read our article on Bitcoin ETF Inflows Surge as Investors Seek Exposure on CoinSeeks.com.

In conclusion, the $28.72 million inflows into Bitcoin spot ETP funds on September 9 represent a pivotal moment in history. After ten years of outflows, investors are now confident in Bitcoin’s potential to thrive, as demonstrated by the rebound in its price and the increased trading volume.