Bitcoin & Ethereum Record $1.36 Bln Inflow Amid ETF Optimism, Prices To Rally?

In the aftermath of Bitcoin and Ethereum ETFs’ inception into the trading landscape, an intriguing phenomenon was brought to light today, pouring a flurry of optimism on these cryptos across the global crypto realm.

Bitcoin and Ethereum recorded inflows worth $1.01 billion and $35.5 million over the past week, respectively, flagging increased investor optimism amid the BTC & ETH ETF buzz curated in the United States post-approval. Notably, weekly inflows worth $1.05 billion, combining all digital asset inflows, have pushed the year-to-date inflows to a record high of $14.9 billion, per market data. Bitcoin & Ethereum appear to be offering the lion’s share in the massive inflows recorded.

Bitcoin & Ethereum ETFs Propel Inflows To New Heights

Intriguingly, Bitcoin and Ethereum alone recorded $1.04 billion worth of weekly inflows. The landmark achievement doesn’t come as a surprise, given the rise of BTC and ETH ETFs.

However, it’s worth noting that ETH ETFs started sluggishly in the U.S., starkly contrasting to Bitcoin ETFs’ performance.

Meanwhile, other digital assets’ weekly inflows contributed to the record-high year-to-date landmark achieved, with Solana, Litecoin, XRP, and Chainlink contributing to inflows. On the other hand, Short Bitcoin, Cardano, and others witnessed outflows.

Also, the month-to-date inflows for BTC totaled $1.8 billion, whereas ETH noted outflows worth $11.1 million during the same period.

The increased demand, as underscored by massive inflows, often leads to a rise in the price of assets as the market responds to the higher buying pressure. Additionally, inflows into Bitcoin and Ethereum-related investment vehicles can signal growing interest and confidence among investors in treating these cryptos as an asset class, potentially attracting more investors to further drive up prices.

Also Read: GameStop (GME) Stock Price Rises 19% Pre-Market, Meme Coins To Echo Rally?

BTC & ETH Price Movements

As of writing, Bitcoin’s price was $68,281.94, a 0.42% dip from yesterday. Meanwhile, Ethereum’s price was $3,891.89, a 0.22% dip from yesterday.

As mentioned above, the massive inflow has given these assets a bullish taint, fueling further investor adoption. Moreover, Coinglass data additionally underscored increased money inflow for these cryptos into the market.

BTC Futures Open Interest surged to unprecedented levels in February this year, with charts showing a continued upward momentum above the $30 billion mark as of press time. Further, ETH Futures Open Interest also surged whoppingly, topping the $17 billion mark at press time.

Also Read: Binance To List This Crypto With Multiple Pairs, But There’s A Condition