Yahya 
Flow into Bitcoin-linked ETFs soared to a record high on August 23 at $252 million. This was the seventh day in a row reporting net inflows and proves that Bitcoin is gaining more and more popularity among investors. The current net asset value of spot Bitcoin ETFs is $595 billion while the cumulative historical net assets inflow is equal to $17.9 billion.
The last record of the daily rise is 23rd August when the amount rose up to $ 252 million that was the most single rise since 23rd of July. This was driven by a large IBIT of $86,8 million from BlackRock, taking its historical inflows to $20,7 billion. Fidelity’s FBTC was also strong with $64m in net fund inflows bringing Fidelity’s total historical FBTC inflows to $9.9b.
But on the flip side not all Bitcoin ETF witnessed an upward trend. The leading Grayscale’s product, GBTC, experienced a net outflow of $35.6 million over the week and has now had a total outflow of $19.7 billion over history. On the other side, Grayscale Bitcoin Mini Trust experienced the net outflow of $50,8 million for the day while the overall inflow reached to $357 million.
Now, with the existence of several spot Bitcoin ETFs, the total net asset value of the said ETFs is equivalent to 4,65% of the total market value of spot Bitcoin. This led to an increase in ETF inflows due to different factors such as expectations of rate cuts by Federal Reserve, economic uncertainty and geopolitical environment. Also, the availability of spot-based Bitcoin ETFs in the United States have further brought exposure to the cryptocurrency for institutions as well as individuals all over the world.
While Bitcoin is still rather volatile after August, it started to show rather impressive results passing the $64K mark, and so there is a clear uptrend with regards to the demand for Bitcoin ETFs as the market sees a rather bright future for the currency.
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