Bitcoin is on fire: Spot ETFs are pushing the price up

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A positive flow of $192.56 million was recorded in spot Bitcoin exchange-traded funds in the US on Thursday.

According to data from SoSoValue, BlackRock's IBIT reported the largest inflow of funds among funds yesterday with a fund inflow of $157.6 million. WisdomTree's BTCW was a surprise on Thursday, achieving its largest inflow to date by withdrawing $118.52 million, which was 10 times more than the previous record level on Wednesday.

In Spot ETFs, Bitcoin has a significant lead over Ethereum

Fidelity's FBTC saw net inflows of $65.25 million and Ark Invest and 21Shares' ARKB saw net inflows of $32.79 million. VanEck's HODL also saw net inflows of $3.38 million. Grayscale's converted GBTC fund saw a significant net outflow of $182.94 million on Thursday. Hashdex's spot bitcoin fund saw outflows of $2.03 million from the product.

On Thursday, the total trading volume of spot Bitcoin ETFs reached $2 billion, compared to $1.79 billion on Wednesday. Since 12 funds were launched in January, they have accumulated a total net inflow of $17.43 billion.

In spot Ethereum ETFs, there were close inflows and outflows yesterday, with a total of $2.87 million net outflows. BlackRock's ETHA recorded a net inflow of $11.74 million, while Grayscale's mini trust saw an inflow of $5 million. Bitwise's ether fund also reported a net inflow of $2.78 million. These inflows were offset by net outflows of $19.83 million from Grayscale's ETHE and $2.58 million from Fidelity's Ethereum ETFs.

The daily total trading volume of Ether ETFs reached $338.49 million yesterday, while the funds have generated a net outflow of $390.23 million since they were launched on July 23rd.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.

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