In a significant development for cryptocurrency markets, spot Bitcoin exchange-traded funds (ETFs) in the United States recorded a remarkable inflow of $552.78 million on Thursday. This marks the fourth consecutive day of inflows, representing the longest stretch of this kind since August 28. This streak is notably tied for the longest since mid-August, which coincided with Bitcoin’s surge to an all-time high exceeding $123,000.
The recent inflows come on the heels of an impressive $757.14 million net inflow recorded on Wednesday, the largest single-day influx seen since July 16, as per data from SoSoValue. The momentum in the market seems to be fueled by growing optimism surrounding potential interest rate cuts by the U.S. Federal Reserve, which is anticipated to take place on September 17.
In addition to Bitcoin, spot ether ETFs are also witnessing a positive trend in inflow. Thursday marked the third consecutive day of growth for these ETFs, following a challenging stretch of six days during which they experienced more than $1 billion in outflows. Both Bitcoin and ether have benefited from the bullish sentiment gripping the crypto market.
As a result of this renewed optimism, Bitcoin has appreciated nearly 3.2% over the past three days, settling just above the $115,000 mark according to CoinDesk data. Ether has also seen a notable increase, climbing approximately 5% to reclaim the $4,500 price level.
Analysts suggest that these trends indicate a potential recovery in market sentiment, especially as regulatory clarity begins to emerge around cryptocurrency products like ETFs. Investors are closely monitoring these developments, which could have significant implications for the broader financial landscape and cryptocurrency valuation moving forward.
