In a notable turnaround, U.S. Bitcoin ETFs recorded inflows of $159.45 million on Thursday, primarily driven by Blackrock’s IBIT, which alone attracted $183.66 million. This resurgence signals renewed institutional interest in Bitcoin, despite ongoing challenges for other cryptocurrencies.
While Bitcoin funds saw significant inflows, Ether and XRP ETFs struggled, facing outflows of $39.24 million and $5.15 million, respectively. The trading volume for Bitcoin reached $2.81 billion, indicating a robust market activity.
The newly launched Zcash ETF, ZCSH, made headlines by drawing in $46.56 million, showcasing investor appetite for emerging crypto products. This was particularly impressive as it marked one of the largest daily inflows since its inception.
Despite the positive inflows for Bitcoin ETFs, the overall weekly net flows remain negative, reflecting a selective investment landscape. Analysts suggest that Bitcoin ETFs could eventually surpass gold ETFs in assets as younger investors increasingly view Bitcoin as a viable store of value.
As the market evolves, the performance of Bitcoin ETFs will be closely monitored, especially in light of the upcoming stock split for Grayscale’s ZCSH, which is set to take place on September 30.
