CashNews.co
- Grayscale Bitcoin Trust (GBTC) saw total net outflows of $195.2 million, impacting total net inflows.
- Fidelity Wise Origin Bitcoin Fund (FBTC) saw total net inflows of $82.1 million.
- iShares Bitcoin ETF (IBIT) had total net inflows of $71.1 million.
- ARK 21Shares Bitcoin ETF (ARKB) reported total net inflows of $35.9 million.
Notably, the US BTC-spot ETF market saw total net outflows of $81.4 million on Wednesday, August 14, following news of the US government transferring 10,000 BTC to a Coinbase (COIN) wallet. The BTC transfer fueled concerns about a possible large sell order, which may affect BTC supply and demand trends.
Oversupply could push BTC toward $55,000.
However, rising hopes for multiple 2024 Fed rate cuts and a soft US economic landing eased oversupply jitters, driving BTC-spot ETF demand.
Next week, the focus will shift to US jobless claims, the services PMI, the FOMC Meeting Minutes, and speeches from the Jackson Hole Symposium. Upbeat labor market and service sector activity and support for multiple 2024 Fed rate cuts could boost BTC demand. BTC could target $70,000 in a risk-on environment.
Nonetheless, investors should monitor the US government and Mt. Gox’s activity. The US government currently holds 203,239 BTC ($12.08 billion), while Mt. Gox retains 46,164 BTC ($2.75 billion) for creditor repayments.
Expert Views on Crypto-Spot ETFs
ETF Store President Nate Geraci highlighted the significance of iShares Bitcoin ETF flow trends, saying,