Bitcoin exchange-traded funds (ETFs) listed in the U.S. experienced a significant rebound on Monday, reporting $28.7 million in net inflows. This marks the end of a prolonged period of outflows that had seen $1.2 billion withdrawn from these funds. The inflows come as a welcome relief for investors who have been navigating a challenging market for bitcoin (BTC), which has been trading below $56,500.
The recent inflow is the first positive day for these ETFs in September, a month traditionally viewed as bearish for the cryptocurrency. Prior to this, the ETFs had been experiencing continuous outflows since August 27, signaling a lack of new demand from institutional investors. The cumulative inflows since the ETFs’ inception have now dipped below $17 billion, reverting to levels last seen in July.
Despite the recent downturn, with BTC prices down nearly 15% over the past two weeks and 25% below the all-time high of $73,300 set in March, some traders remain optimistic. QCP Capital traders noted in a Telegram update that they are maintaining a bullish stance on the market, suggesting that the recent price dip may present an opportunity for long-term gains. “The bounce from $52,500 is encouraging,” they said, though they acknowledged that uncertainty remains about whether the bottom has been reached.
In addition to the ETF inflows, the CoinDesk 20 (CD20), which tracks the largest and most liquid digital assets, saw a 2.3% increase, trading at 1,800. This uptick reflects a broader positive movement in the cryptocurrency market.
As for BTC itself, it is trading above $56,500 but has faced some volatility, slipping from $57,000. Market watchers are awaiting the upcoming Consumer Price Index (CPI) and Producer Price Index (PPI) releases, as well as the first debate between Donald Trump and Kamala Harris, with limited expectations of cryptocurrency discussion during the debate.
In other cryptocurrency news, AI-related tokens have shown notable gains, with the CoinGecko AI category up 10% during the first half of Asia’s trading day. Liquid staking tokens are also performing well, with Lido DAO’s LDO token increasing by 6.3% and Rocket Pool’s RPL token soaring over 20%, partly due to Binance Futures’ announcement of leveraged perpetual contracts. However, despite these gains, RPL’s total value locked remains relatively stable at just over $2.9 billion, according to DeFi Llama data.
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