Welcome to Extreme Investor Network, where we provide you with the latest insights and analysis on the stock market, trading, and all things Wall Street. Today, we are diving into the world of US BTC-spot ETFs and their recent flow trends.
According to Farside Investors, there has been a shift in demand for US BTC-spot ETFs, influenced by US economic data. The latest numbers show some interesting movements in the market:
– ARK 21Shares Bitcoin ETF (ARKB) reported net outflows of $94.2 million.
– Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $75.2 million.
– Bitwise Bitcoin ETF (BITB) saw net outflows of $74.0 million.
– Grayscale Bitcoin Trust (GBTC) had net outflows of $31.1 million.
The US BTC-spot ETF market reported net outflows of $272.6 million, the highest since September 3, excluding flow day for iShares Bitcoin Trust (IBIT). If IBIT has net inflows of less than $272.6 million, the US BTC-spot ETF’s six-day inflow streak will end. Despite this, October was a strong month for US BTC-spot ETFs, with net inflows totaling $5,110.3 million.
Bloomberg Intelligence Senior ETF Analyst Eric Balchunas commented on the market figures, noting the impressive pace of inflows. BlackRock’s iShares Bitcoin ETF was a notable influencer in October, with significant net inflows.
In terms of Bitcoin (BTC) price action, we saw a decline on October 31 following US data releases. With the focus shifting to the US Jobs Report on November 1, investors are eagerly awaiting the outcome. Positive numbers may dampen BTC demand, potentially pushing the price towards $67,500. Conversely, a softer US economic landing could drive BTC towards its all-time high of $73,808.
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