HomeCryptoFBTC Leads Bitcoin ETF Sector Recovery

FBTC Leads Bitcoin ETF Sector Recovery

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After several negative weeks, with dramatic outflows, the Bitcoin spot ETF sector appears to be recovering. At least so far this week, the flows are highly positive and are close to $500 million dollars. This revival of interest from institutional investors is led by Fidelity’s fund, FBTC.

This is an atypical situation, considering that this particular market is commanded alone by IBIT, BlackRock’s fund. In any case, the FBTC saw inflows of $131 million on Wednesday alone, while the BITB fund followed with $81 million, according to data from Farside Investors.

Another reading of this week’s data suggests that of the total revenue streams of $460 million, FBTC accounts for $178 million. This translates into 38.7% of all investment capital. Likewise, Ark Invest’s fund, ARKB, occupies $171.7 million or 37.17%. $106.6 million moved towards BITB, for 23.04% of all the capital of the first three days of the week.

Since these products began trading on the stock exchange at the beginning of the year, IBIT’s exclusive dominance was overwhelming. Now that the latter is not experiencing flows at all, it is highlighted that its competitors are acceptable second options for capital.

Over the past few days, shares of the Fidelity Bitcoin ETF (FBTC) have experienced a positive rally. Fountain: Yahoo Finance

Bitcoin Spot ETF Market Reaches $12.1 Billion

Counting positive numbers so far this week, the Bitcoin spot ETF sector stands at $12.1 billion in flows. Consequently, liquidations of Grayscale’s product, GBTC, are subtracted from net inflows exceeding $30 billion. The latter amount to $17.6 billion dollars.

In broad terms, the BlackRock fund continues to lead the history of these funds by far with $15,502 million. Second place is maintained by FBTC with $8,319 dollars and the podium is closed by ARKB with $2,420 dollars, according to the same portal.

On the other hand, it is highlighted that the revival of investor appetite this week is seen positively by the crypto community. In the spot market, the price of Bitcoin is also experiencing a strong recovery and is close to $66,000.

Since Bitcoin ETFs came onto the market, they have become the primary vehicle for the broader cryptocurrency market. In fact, the institutional capitals of these funds caused the currency to break the all-time highs of 2021.

If the positive flows continue during the remaining two days of the week, it is possible that the price of BTC will experience a new jump. In the best scenario, it could recover the range of $70,000 per coin.

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