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Bitcoin ETFs return to inflows
Alex Dovbnja
Bitcoin ETFs saw inflows worth $100 million on Wednesday
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Bitcoin exchange-traded funds (ETFs). attracted Inflows worth $101 on Wednesday, according to the most recent update.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) is in first place with inflows worth $50.6 million.
BlackRock’s iShares Bitcoin Trust (IBIT) and Bitwise Bitcoin ETF (BITB) are in second and third place with inflows of $15.6 million and $14.5 million, respectively.
As reported by U.Today, the price of Bitcoin underwent a major correction earlier this week after Bitcoin ETFs ended their 19-day streak of inflows. The leading cryptocurrency fell as low as $66,011 on the Bitstamp exchange on Tuesday.
Bitcoin rose sharply on Wednesday after the latest US consumer price index (CPI) report showed inflation was cooling. However, it then pared most of these gains on the same day after the Federal Reserve signaled it would implement a single rate cut. Additionally, Federal Reserve Chair Jerome Powell said the Fed would need to strengthen confidence on inflation before considering easing monetary policy.
AS reported by U.Todaygold bug Peter Schiff recently warned Bitcoin bulls that they would not be bailed out by ETFs as their buyers are future sellers.
Michael Allegue, chief investment officer at MassMutual, recently told CNBC that institutional investors who gain exposure to Bitcoin ETFs will not be “diamond-handed” holders due to portfolio rebalancing.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.