The 11-spot bitcoin ETFs recorded the highest inflow in a week as Bitcoin hit a new all-time high of $107,822.
The Bitcoin Exchange Traded Funds (ETFs) pulled in a staggering $636 million on Dec 16, the highest inflow in over a week.
Data from Farside Investors UK revealed that Blacrock’s IBIT once again led the day recording the highest inflow.
Blackrock’s IBIT pulled in $418 million over 70% of the total inflow for the day. Fidelity’s FBTC trailed Blackrock’s IBIT with an inflow of $116 million for the day.
Ark 21 shares AKRB, Bitwise BITB, and Grayscale’s GBTC recorded $47.7 million, $30.7 million, and $17.6 million inflows respectively.
Grayscale’s BTC recorded the least inflow for the day pulling in only $6.6 million.
Surprisingly, there were no outflows for the day as Grayscale’s GBTC which is quite popular for outflow of funds recorded an inflow for a day.
Crypto news in an earlier report captured an expert opinion on why Grayscale GBTC has been bleeding funds since it was converted from a Bitcoin Trust Fund to an Exchange Traded Fund.
Yesterday’s trading took the cumulative total net inflow for all Bitcoin ETFs to $36.24 billion with a total net asset of $120.71 billion per data from Sosovalue.
Bitcoin’s New All time high
Bitcoin surged to a new all-time high yesterday hitting $107,822 per BTC. The recent surge follows rumors of a possible strategic Bitcoin reserve by the Donald Trump administration upon assumption of office.
Donald Trump in an interview with CNBC last week confirmed that he is looking to set up a strategic Bitcoin reserve for the country and also pilot America’s dominance of the global crypto space.
Aside from the bullish news, the FOMC is set to release new federal rate cuts data tomorrow Dec 18.
Federal rate cuts encourage more lending leading to liquidity pumped into the economy.
More cash chasing a few assets drives up the demand for assets like Bitcoin leading to a price increase.
At the time of the report, Bitcoin has slightly cooled off from its all-time high and is currently exchanging hands for $107,156.
