According to SoSoValue's data, US Bitcoin ETFs have recorded their ninth consecutive day of net inflows, with a total inflow of $403 million. The main contributor was the ETF from BlackRock.
Institutional Interest Drives Bitcoin ETF Growth
BlackRock's ETF (IBIT) attracted $416.35 million out of the total $4.4 billion inflows over nine days. Since April, ETFs have drawn nearly $17 billion. Presto Research analyst Min Jung remarked that the growing institutional treasury interest in Bitcoin confirms the absence of viable alternatives.
Parallel Success for Ethereum ETFs
According to SoSoValue's data, Ethereum ETFs have also shown impressive performance, garnering $192.33 million in net inflows on their eighth trading day. These SEC-approved ETFs have increased institutional demand for ETH, leading to over $800 million in total inflows recorded over eight days.
Impact of CPI Data on Cryptocurrency Market
The overall positive sentiment in the market was further bolstered by moderate Consumer Price Index (CPI) data released in the US on July 15. Nick Ruck, Director of Research at LVRG, noted that potential interest rate cuts in September could strengthen Bitcoin's $118,000 support level, potentially igniting a new wave of demand.
The increase in inflows to Bitcoin and Ethereum ETFs highlights the ongoing institutional interest in cryptocurrencies, which may further strengthen their position in the market.
