After continuous periods of outflows, Bitcoin ETFs are demonstrating signs of recovery, which might indicate a potential shift in market trends.
Overview of Bitcoin ETFs Status
Between August 27th and September 6th, Bitcoin ETFs experienced a net outflow of $1,185.9 million, suggesting a challenging phase for the asset. However, on September 9th, these ETFs recorded a net inflow of $28.6 million, which may signal a shift in market sentiment.
Views on Bitcoin ETF Adoption
Matt Hougan, Chief Investment Officer at Bitwise, noted that wealth advisors are rapidly adopting Bitcoin ETFs, reflecting growing confidence in the asset's future. In response to investment researcher Jim Bianco's view, Hougan commented that traditional financial institutions are not driving the majority of Bitcoin ETF inflows. Approximately 85% of inflows come from non-traditional sources. Hougan emphasized that if only the $1.45 billion from investment advisors were considered, IBIT would be the second fastest-growing ETF launched this year.
Bitcoin Price Movement
In the past 24 hours, Bitcoin's price surged by 3.61%, reaching $56,873. This increase is encouraging, as Bitcoin was limited to a narrow trading range over the weekend. There is speculation that Bitcoin may break above the $56,000 mark. However, the RSI value of 45, running close to the neutral line, indicates that bearish momentum remains present, signaling cautious optimism.
Recent changes in Bitcoin ETF flows and the rise in Bitcoin's price provide hope for investors despite prevailing bearish sentiments.
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