Leading Funds and Market Activity

Data from SoSoValue shows BlackRock’s IBIT, the biggest spot Bitcoin fund by net asset value, topped the inflows with $121.03 million; followed by Fidelity’s FBTC, which reported $90.95 million in net inflows. ARKB from Ark Invest and 21Shares reported $43.3 million in inflows; VanEck’s Bitcoin fund recorded $3.27 million.

On the other hand, the second-largest Bitcoin ETF, Grayscale’s GBTC, had $37.5 million outflows. BITB also disclosed bitwise net outflows of $4.72 million.

On Tuesday, the 11 spot Bitcoin funds exchanged for overall value of $1.19 billion. From their January launch, the ETFs have seen a net inflow of $15.27 billion overall.

Bitcoin Price and Economic Indicators

Price of Bitcoin increased 2.54% during the previous 24 hours to $59,108. Since falling to lows close to $54,000 last Friday, the bitcoin has been erratic as the collapsed crypto firm Mt. Gox started shifting its Bitcoin for its $9 billion payback.

In his Capitol Hill address on Tuesday, U.S. Federal Reserve Chair Jerome Powell said in reference to the labor market seeming to be “fully back in balance” and that the U.S. economy is no longer overheating. Later this week, investors expect important U.S. economic data; the first unemployment claims and consumer price index will be released on Thursday.

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