🚀 Stay Ahead with AltcoinDaily.co! 🌐
On September 13th, spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded the highest single-day inflows since July. This slight increase in inflows, with BlackRock’s IBIT remaining relatively stable, signals a rare recovery in the market.
This change in market direction comes as market participants anticipate a notable interest rate cut from the Federal Reserve soon. This trend reflects growing investor interest and confidence in the cryptocurrency market.
US Bitcoin ETFs Rebounds from Negative Trends
Bitcoin ETFs are digital investment product that gives exposure to digital assets. Bitcoin had a remarkable day, with the strongest inflows in almost two months on Friday. These ETFs had a daily net inflow of $263.1 million despite BlackRock’s IBIT not seeing any inflows. This sudden inflow in a single day follows the highest since the notable $581 million inflow recorded in July.
🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰
This significant inflow came after the digital investment product experienced a robust comeback with a flow of $117 million recently. At the time, it marked a turnaround from its largest outflow ever witnessed.
Fidelity’s FBTC Leads the Pack
In the past weeks, the current largest fund by assets under management (AUM), BlackRock’s IBIT, has only experienced $9.1 million in outflows, with most days showing no net trading activity.
Meanwhile, Fidelity’s FBTC experienced a significant $102.1 million influx on Friday, with Ark & 21Shares’ ARKB following closely with $99.3 million flowing in. Bitwise’s BITB recorded the third-highest inflow at $43.1 million. Additionally, several other funds, such as Grayscale’s GBTC, Franklin’s EZBC, VanEck’s HODL, and Valkyrie’s BRRR, also saw modest gains, while the remaining funds did not report significant inflows or outflows.
🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀
Recently, Bitwise’s CEO, Hunter Horsley, shared his positive outlook on the future of Bitcoin and crypto, noting the growing support from political candidates for the digital asset.
Market Traders’ Eyes Increase Interest Rate
The recent surge in daily investments in US Bitcoin ETFs comes as Bitcoin is on the verge of breaking the $60,000 mark.
With the digital asset potentially on the rise, traders are eagerly anticipating the Federal Reserve’s interest rate announcement, which is set to be revealed by September 18. According to CoinMarketCap data, Bitcoins are trading at $59,979.48, 0.76% in the last 24 hours.
CME FedWatch said there is a high probability that 25 or 50 basis points will cut the new rate. It was added that the rate stayed the same for more than a year after being raised to 525-550 basis points on July 26, 2023.
As traders anticipate the interest rate hike, MicroStrategy recently expanded its portfolio with an additional 18,300 BTC valued at about $1.1 billion.
