Bitcoin exchange-traded funds (ETFs) saw their biggest inflows in more than two weeks on Thursday, totaling $192.5 million. This comes after bitcoin fell below $50,000 earlier this week amid a global market selloff.
New: ๐บ๐ธ #Bitcoin ETFs saw inflows of $192 million, the highest in more than two weeks.
The tide is turning ๐ pic.twitter.com/y7Ra6NK4jA
โ Bitcoin Magazine (@BitcoinMagazine) August 9, 2024
The inflows helped push bitcoin above $60,000 on Friday, a swift reversal after the cryptocurrency fell about 20% to its lowest level since February.
BlackRockโs iShares Bitcoin Trust (IBIT) led the rally, with $157.6 million in inflows on Thursday. Wisdom Tree Bitcoin Trust (BTCW) also had a strong day, attracting more than $118.5 million in new capital โ its biggest daily gain since launch.
BTCW has generally lagged its competitors, struggling to surpass $11 million in daily inflows since its debut in January. Its previous record was $10.5 million. But Thursdayโs surge has made it the best performer.
The inflows provide evidence of renewed appetite for bitcoin exposure after a selloff earlier in the week that also hurt stock markets like the Nasdaq. Fridayโs disappointing U.S. jobs report also raised fears of a recession.
The recovery in price and flows suggests that Bitcoinโs sell-off may have been just a temporary blip rather than the start of a new downtrend. The recovery to $60,000 has prompted investors to retest all-time highs above $73,000 in 2024.
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