Spot Bitcoin ETFs Saw Largest Inflows in Two Weeks Trending Global News

The Bitcoin spot ETF recorded its largest inflow in more than two weeks on Thursday, totaling $192.5 million. This came after Bitcoin fell below $50,000 earlier this week amid a global market sell-off.

New: 🇺🇸 #bitcoin The ETF saw inflows of $192 million, the most in two weeks.

The tide is turning 🚀 pic.twitter.com/y7Ra6NK4jA

— Bitcoin Magazine (@BitcoinMagazine) August 9, 2024

Bitcoin prices rebounded sharply from above $60,000 on Friday. This represents a sharp reversal after bitcoin fell nearly 20% to its lowest level since February.

The BlackRock iShares Bitcoin Trust (IBIT) led the surge on Thursday with inflows of $157.6 million. The WisdomTree Bitcoin Trust (BTCW) also had a great day, raising more than $118.5 million in new capital — its largest single-day inflow since launching.

BTCW has generally lagged behind its rivals, struggling to break $11 million in daily inflows since its January debut. Its previous record was $10.5 million. But Thursday’s surge made it the top performer.

This investment is evidence of a new willingness to invest in bitcoin, following a wave of selling earlier in the week that also hurt stock markets such as the Nasdaq. A disappointing US jobs report last Friday fueled fears of a recession.

The surge in prices and flows suggests that Bitcoin’s sell-off could be a temporary blip rather than the start of a new bearish trend. A recovery to $60,000 has given bulls a push to retest all-time highs above $73,000 in 2024.