The net inflow to Spot Bitcoin ETFs as of September 10, 2024, Eastern Time is $117 million. The current historical cumulative total inflow is $17.04 billion. With a cumulative positive inflow of $20.9 billion, BlackRock is the leader in the field, despite not reporting numbers for some time. In fact, the last two reports were majorly negative as IBIT stood at $13.5 million on August 29, 2024, and $9.1 million on September 09, 2024.
Interestingly, Grayscale’s GBTC reported $0 worth of flows. This follows a streak of outflows that began at the time of issuance.
The Net Asset Value for Spot Bitcoin ETF is $52.20 billion, and the net asset ratio is 4.59%. Grayscale’s Mini Trust has broken the streak of outflows with an inflow of $41.1 million. The streak dates back to September 5, 2024, and was almost constant the following day. Fidelity’s FBTC banked the highest number of inflows with a value of $63.2 million. The third issuer to report the number, ARK 21Shares’ ARKB, reflected $12.7 million worth of positive flows.
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That said, the value of BTC has come down by 1.08% in the last 24 hours. It is paired against the US Dollar at $56,306.88 at the time of writing this article. BlackRock has issued a warning that the token may see its value fall further. This is based on the assumption that the Federal Reserve would not implement an aggressive strategy to bring the economy back to shape. The expected rate cut is 25 bps—something that analysts believe is a little too late and too little to make things right.
Concerns about the recession are still in the picture, and the fight for the presidential chair is only heating up across the US.
No factor is falling into the perfect place to boost the value of BTC, or any other crypto for that matter. It would still be incorrect to deny that there is no possibility of the value increasing in the future. Near-term projections are bullish, with a minimum jump of 18% expected to happen in the next 5 days. That will set the stage for another surge of 40.21% from the current value. This will propel an increase to more than $80,000 within the upcoming 30 days.
Rate cuts will facilitate investments in risky assets. Spot Bitcoin ETFs will benefit the most. Spot Ether ETFs are also on the line, hoping for a similar surge in their sentiments. Only BTC and ETH have their ETFs floating in the market. XRP, or SOL, could be the next to enter the market, contingent on the outcome of negotiations with the US SEC, which is likely to adopt a cautious stance and increase its monitoring.
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It now remains to be seen how Spot Bitcoin ETFs react to the rising speculation of rate cuts by the Federal Reserve.
