Bitcoin ETFs Capture Investors as Funds Flow In

Bitcoin ETFs have recently attracted considerable investment interest, surpassing Ethereum in popularity on Tuesday. According to figures from SoSoValue, Bitcoin ETFs recorded an impressive net inflow of $332.7 million. Leading this influx is Fidelity’s FBTC fund with $132.7 million, closely followed by BlackRock’s IBIT fund, securing $72.8 million. Other players such as Grayscale, Ark & 21Shares, Bitwise, VanEck, and Invesco also witnessed positive inflows.

Why Are Ethereum ETFs Seeing Outflows?

Conversely, Ethereum ETFs recorded noteworthy withdrawals, summing up to $135.3 million in outflows. Specifically, $99.2 million was drawn from Fidelity’s FETH fund, with Bitwise’s ETHW fund also experiencing a negative flow of $24.2 million.

This shift occurs after a period when Ethereum ETFs outperformed Bitcoin throughout August, attributed to Ethereum’s advantages such as yield-generating capacity and a favorable regulatory environment alongside institutional adoption.

Will Bitcoin’s Price Continue to Rise?

Yes, Bitcoin’s spot price has demonstrated resilience, climbing this week. By Wednesday, its been trading just over $111,200, maintaining its position above the 100-day Exponential Moving Average.

Following a 5% contraction earlier, technical indicators suggest weakening bearish momentum. The Relative Strength Index (RSI) nears a neutral point at 45, while the MACD indicates a potential bullish divergence.

“If recovery continues, Bitcoin may test the $116,000 resistance level, or otherwise, fall to around $105,573,” noted a source from SoSoValue.

– Bitcoin ETFs outpaced Ethereum in investor preference.

– Fidelity and BlackRock are leading Bitcoin ETF contributions.

– August saw $751 million outflows from Bitcoin ETFs.

– Ethereum recorded $3.87 billion inflows during the same month.

Ethereum has shown steadiness by holding the $4,232 support level, while its failed attempt to breach $4,488 marks its next challenge. Its potential rally past this could set a path toward its all-time high of $4,956. Similarly, Ripple has mirrored Bitcoin and Ethereum’s incremental rise, indicating positive momentum in the crypto market.