Bitcoin ETF Sees Significant Increase in Incoming Funds

2024-06-14
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Bittime - The market for Bitcoin-based financial products known as Bitcoin ETF (Exchange Traded Fund) is showing positive signs. After experiencing two consecutive days of fund outflow, the Bitcoin ETF actually experienced a sizable spike in fund inflow.

Based on data from Farside, on June 12, the recorded inflow of funds into the Bitcoin ETF reached $100.8 million (around Rp. 1.4 trillion). This figure is a breath of fresh air for investors who choose Bitcoin investment instruments via ETFs.

While inflows above $100 million are nothing new for a spot Bitcoin ETF, this surge is important because it comes after a substantial outflow of $200.4 million (around IDR 2.8 trillion) on June 11.

Fidelity's FBTC Leads Surge in Fund Inflows

According to Farside data, Fidelity's FBTC was the Bitcoin ETF that experienced the largest increase in incoming funds on June 12, namely $50.6 million (around Rp. 720 billion). Followed by BlackRock's IBIT with $15.6 million (around IDR 220 billion) and Bitwise's BITB ETF with $14.5 million (around IDR 208 billion).

Interestingly, BITB managed to reverse the outflow trend they experienced on June 11. At that time, it was recorded that $56.5 million (around Rp. 800 billion) of investor funds left the ETF. Valkyrie's HODL also recorded an increase in incoming funds of $11.6 million (around Rp. 165 billion).

Outflow of Funds Prior to Market Domination

In contrast to the spike on June 12, the previous two days actually saw quite high outflows of funds, especially from Grayscale's GBTC. On June 11, GBTC experienced an outflow of $121 million (around IDR 1.7 trillion) and $39.5 million (around IDR 560 billion) on June 10. Other ETFs such as ARKB and BITB also experienced outflows on the day, further strengthening the negative sentiment in the market.

Rising Bitcoin Prices and Cold Inflation Are the Triggers?

The surge in fund inflows on June 12 indicates renewed optimism in the market. This shift in momentum was likely triggered by the recent rise in Bitcoin prices. The price of Bitcoin briefly exceeded $69,000 (around Rp. 990 million) after better-than-expected US Consumer Price Index (CPI) data.

Although the price increase did not last long, it succeeded in bringing a breath of fresh air to the market. Slightly cooling inflation figures also seem to have increased investor confidence in the market as a whole.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.

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