Bitcoin price witnessed a Rise in upward momentum Over the past week, the improving situation in the Middle East has been a major catalyst. This optimism appears to have spread across the digital asset market, as new capital has also flowed into US spot Bitcoin ETFs (exchange-traded funds).
According to the latest market data, Bitcoin exchange-traded products saw nearly $1 billion in value added over the past trading week. This influx of new capital reflects an uptick in investor sentiment and demand over the past few weeks.
US Bitcoin ETFs record net inflows of $664 million
On Friday, April 17, US Bitcoin ETFs recorded a total net inflow of $663.9 million, reflecting a return of investor demand to the market in recent weeks. This one-day performance marks the fourth consecutive day of inflows for cryptocurrency-related investment products.
Data from SoSoValue He appears BlackRock’s iShares Bitcoin Trust (IBIT) led the day’s activity, with a total net inflow of $283 million on Friday. This was followed by the Fidelity Wise Origin Bitcoin Fund (FBTC), which recorded a net inflow of $163.42 million on the day.
The Ark 21Shares Bitcoin ETF (ARKB) also recorded significant total net inflows of $117.9 million on Friday. Other issuers with positive net inflows on the day include Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Mini Trust (BTC), VanEck Bitcoin Trust (HODL), and Invesco Galaxy Bitcoin ETF (BTCO).
Its performance brought the weekly record for spot bitcoin ETFs to about $996.38 million in net inflows, with other weekly gains coming on Tuesday ($411.5 million) and Wednesday ($186 million). Meanwhile, last week’s activity marked the second straight week of capital inflows, with a net inflow of $786.31 million in the previous week.
Source: SoSoValue
This rise in capital flows reflects the easing of tensions in the Middle East, with what appears to be a return of positive sentiment to the market. According to the data Highlight According to on-chain analyst Darkfost, BTC ETF trading volume is on the rise and currently stands at $4.7 billion, approaching spot market volumes, which total around $6.2 billion.
However, DarkFost noted that the average cost of a Bitcoin ETF is around $82,247, with holders still at a loss. “Since March, the trend has turned noticeably in a positive direction for ETFs, with inflows largely dominating,” the cryptocurrency analyst added.
Source: @Darkfost_Coc on X
Bitcoin price at a glance
As of this writing, Bitcoin’s price is around $75,664, reflecting a decline of more than 2% over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from Shutterstock, chart from TradingView
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