Bitcoin ETF Inflows Surge to $332.7 Million Amid Market Correction
Bitcoin is reaffirming its status as a safe haven asset during the current crypto market correction, with spot Bitcoin ETFs seeing inflows of $332.7 million on September 2. In contrast, Ethereum ETFs experienced outflows of $135 million.
Key points include:
- In August, Ethereum funds had inflows of $3.87 billion, while Bitcoin ETFs faced outflows of $751 million.
- Fidelity’s Wise Origin Bitcoin Fund led inflows with $132.7 million, followed by BlackRock’s IBIT at $72.8 million.
- Other issuers like Grayscale and VanEck reported additional inflows.
- Overall, crypto investment products recorded net inflows of $2.48 billion last week after prior outflows of $1.4 billion.
- Bitcoin's price fluctuated, dropping under $107,500 before stabilizing around $111,000.
In contrast, Ethereum ETFs are facing significant withdrawals. Fidelity’s FETH saw the largest decline at $99.2 million, with total withdrawals for Ether ETFs reaching $164 million on August 29. Analysts predict Ethereum might drop to its 21-week EMA in the coming weeks before potentially rallying to new all-time highs.
The ETH price could decrease to $3,400 by the end of September, indicating a possible 20% correction before a Q4 recovery.
Bitcoin ETF inflows are on the rise again. | Source: SoSoValue