On July 3, 2023, investor interest in Bitcoin and Ethereum ETFs increased again, with total inflows of $751 million. This information highlights a recovery in interest towards cryptocurrencies amidst recent market fluctuations.
Inflows into Bitcoin ETFs
Bitcoin ETFs recorded a total net inflow of $602 million, with Fidelity's FBTC fund attracting the most investments, totaling $237 million.
Dynamics of Ethereum ETFs
Ethereum ETFs also showed strong performance, with daily net inflows of $149 million. All funds recorded positive flows, although Grayscale's ETHE fund experienced a net outflow of $5.35 million.
Market Forecasts and Current Situation
Data indicates a rapid recovery of investor interest following the $342 million outflow from Bitcoin ETFs on July 2. Experts note that despite short-term fluctuations, strong institutional demand for ETFs persists, which could exert upward pressure on crypto asset prices. At the time of writing, Bitcoin was trading at $108,800.
The increase in investor interest in Bitcoin and Ethereum ETFs indicates potential recovery in the cryptocurrency market, suggesting signals for further price growth.
