In recent days, there has been a significant surge in interest in Bitcoin ETFs in the US, particularly against the backdrop of instability in traditional financial markets.
Leaders in Fund Inflows
According to SoSoValue, among the twelve Bitcoin ETFs available in the US, the Ark and 21Shares ARKB fund attracted the largest inflow, totaling $116.1 million. Following closely was Fidelity's FBTC fund, which drew in $87.6 million, and Bitwise's BITB fund with $45.1 million. Meanwhile, BlackRock's IBIT fund, known for being the largest by net assets, saw an inflow of $41.6 million.
Bitcoin as a Safe Haven Amid Market Chaos
The heightened demand for Bitcoin ETFs strongly correlates with Bitcoin's favorable price performance. Despite upheavals in traditional equity markets, Bitcoin's robust trading volumes reached $3.75 billion, nearly doubling the $1.55 billion recorded just four days earlier. This shift indicates growing investor confidence in Bitcoin as a safe haven.
Comparison with Ethereum
Despite the positive trends for Bitcoin, the situation for Ethereum (ETH) appears somewhat different. Ethereum experienced a $25.4 million outflow from ETFs and a 4% drop in value to $1,581, indicating a more cautious approach among ETH investors.
The rise in interest in Bitcoin ETFs amidst traditional market volatility underscores changing investor preferences, seeking safe assets, while interest in Ethereum wanes.
