Bitcoin Price Tops $65k on 5th Day of Spot BTC ETF Inflows
Bitcoin (BTC) price raced ahead of $65k on Saturday on a signal that institutional and retail investors are returning to the crypto space over easing geopolitical pressures and weak US non-farm payroll data.
Trading data shows that the total cryptocurrency market capitalisation hovered around $2.30 trillion. Bitcoin traded sideways at $65,000, while Ethereum held steady at $1,920.
Bitcoin reached a new August high of $65,340 after a surprisingly weak U.S. jobs report for July. Nonfarm payrolls fell by 23,000, against forecasts of an 85,000 gain, marking the first monthly decline since February.
This data caused markets to sharply lower expectations for a Federal Reserve rate hike in September, with the probability dropping from 55% to 42%.
The rally was accompanied by a fifth straight day of net inflows into U.S. spot Bitcoin ETFs, totalling $98.85 million on August 7.
In a powerful demonstration of investor confidence, Bitcoin spot exchange-traded funds (ETFs) recorded impressive net inflows of $98.85 million on Friday, according to SoSoValue data.
Optimism remains strong on rising BTC spot ETF inflows, suggesting institutional capital has started to flow into cryptocurrencies, chasing high-rated digital assets in the market.
Leading this remarkable trend is BlackRock’s ETF, IBIT, which alone captured a staggering daily net inflow of $86.71 million.
This pushes IBIT’s total historical net inflow to an extraordinary $61.17 billion, reinforcing its position as the preeminent choice among investors.
Following suit, Fidelity’s ETF, FBTC, also made significant strides with a daily net inflow of $40.95 million, raising its total historical net inflow to $10.04 billion and solidifying Fidelity’s strength in the Bitcoin ETF market.
On the flip side, Invesco and Galaxy Digital’s ETF, BTCO, faced the day’s largest net outflow at $19.37 million. However, it’s essential to note that BTCO has still maintained a total historical net inflow of $152.41 million since its launch.
Currently, the total net asset value of Bitcoin spot ETFs stands at an impressive $79.50 billion, translating to an ETF net asset ratio—essentially market capitalisation in relation to the overall Bitcoin market cap—of 6.1%.
With cumulative historical net inflows skyrocketing to $52.18 billion, it is clear that institutional interest in Bitcoin investments is not just growing; it’s becoming a dominant force within the financial landscape. Bitcoin Price Declines on Spot ETF Flow, Stagflation Concerns
