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- Bitcoin ETFs 'turning a corner' ⤴️
Bitcoin ETFs 'turning a corner' ⤴️
U.S. spot Bitcoin ETFs notched three consecutive days of inflows into this week—only to post another day of outflows. Is the losing streak petering out, or is it just a blip?
📝 What you need to know
U.S. spot Bitcoin ETFs notched three consecutive days of inflows in recent days, drawing in roughly $510 million—their largest since outflows began in early May. CoinShares analyst James Butterfill argued that sentiment “might be turning a corner” on the news, but hopes that the drawn-out negative streak was winding down were short-lived.
The analyst said the recent streak of outflows represented 8% of assets under management for Bitcoin ETFs, mirroring activity during cycle lows in 2018. On Wednesday, those outflows resumed, with the ETFs shedding another $85 million. Butterfill warned that fears of tighter monetary policy in the U.S. could keep Bitcoin rangebound, as the Federal Reserve continues fighting inflation as the Middle East conflict intensifies.
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