Posted 2/26/2024, 7:42:33 PM
Bitcoin Fund Inflows Slow to $598 Million, But Price Hits New High
- Bitcoin funds received $598 million in inflows last week, led by BlackRock and Fidelity Bitcoin ETFs, though it was slower than the prior week's record $2.45 billion
- The dip in inflows doesn't mean ETF hype is cooling; it was likely due to weaker economic data showing high January inflation
- Grayscale's new Bitcoin ETF saw significant outflows as investors cashed out, but these have slowed week-over-week
- While Bitcoin captured most inflows, Ethereum funds saw $17 million, Chainlink $1.8 million, and XRP $1.1 million
- Bitcoin's price today touched its highest level since 2021, trading around $53,418, up nearly 4% in 24 hours