NaijNaira
Fresh money is rushing back into U.S. spot Bitcoin ETFs, with inflows topping $300 million in a single day, www.naijnaira.com reports.
Data from SoSoValue shows investors added $301.32 million to Bitcoin ETFs on September 3, pushing weekly gains past $634 million after months of uneven flows.
The renewed momentum comes as traders eye possible interest rate cuts from the Federal Reserve, which many believe could boost Bitcoin demand.
U.S. Bitcoin ETFs now hold $145.25 billion in assets, equal to 6.5% of Bitcoin’s market capitalization.
Ethereum ETFs, however, are facing a different story, with three straight days of outflows totaling $338 million this week.
SoSoValue data reveals Ethereum funds bled $38.24 million on the same day Bitcoin surged, dragging their assets to $29.21 billion, about 5.42% of ETH’s market cap.
One analyst commented, “The market is clearly repositioning ahead of the Fed, and Bitcoin is once again the preferred bet.”
Ethereum ETFs had a stellar August, pulling in $3.87 billion, but that streak is cooling after Bitcoin’s correction below $110,000 shifted sentiment.
Bitcoin ETFs have had rough patches too, shedding $751 million in August, though April to July still brought a record $18.8 billion.
