Spot Bitcoin ETFs have now marked inflows for the fourth consecutive day as of August 20, 2024, Eastern Time. The total for that day is $88 million, despite a negative flow from Grayscale’s GBTC, which is worth $12.8 million. BlackRock’s IBIT was able to influence the flow single-handedly but may not do that every time. IBIT led the charge with an inflow of $55.4 million, followed by $51.9 million by ARKB.
GBTC was not the only one to experience an outflow on August 20. Another player on the list is BITB by Bitwise, which costs $6.5 million.
The trend started on August 15, 2024, when the inflow was $11.1 million. It went up to $35.9 million, then $62.1 million. The current reported number not only continues the trend of inflow but also takes it a step ahead by marking more gains. GBTC did not report any data for August 19, 2024; inflows were around $62.1 million. BlackRock stayed on top with $92.7 million in inflows.
The impact of positive flows is evident in bitcoin’s value. The token oscillates between $57k and $61k. At the time of writing this article, the token’s current listing is $59,380.36, following a 3.05% decline in the last 24 hours. The fall is due to the exchange value of $60.94k, which further reflects a dip of 2.57% in the last 7 days and 11.445 in the previous 30 days.
Bitcoin’s near-term prospects are positive. The token’s value could increase by 17.97% to $69,899 over the next five days. It will subsequently initiate a 39.62% increase in the next 30 days, resulting in a value of $82,727. For insights on its future movements, check out our BTC price prediction.
The last time Spot Bitcoin ETF reported an outflow was on August 14, 2024. The total was $81.4 million. In recent times, BlackRock was at one of its lowest values. It had an inflow of $2.7 million, while Grayscale was heavier at $56.9 million. So far, Spot Bitcoin ETF has received $17,524 million in total inflows. BlackRock is at $20,536 million, followed by Fidelity’s FBTC at $9,808.
Dynamics are likely to change in the times to come as Goldman Sachs has lowered the possibility of recession to 20%. This assures a rising economic condition where investors will have sufficient risk appetite to explore riskier territories. The probability of recession was previously 25%.
However, when the next report reveals the current economic conditions, it may revise the possibility of a recession. The September employment data will most likely determine how the rest of the year (2024) pans out. It could be stable or loaded with fluctuations.
All of this will have an impact on the Spot Bitcoin ETF and, consequently, Bitcoin. It has to be seen whether the ETF’s sentiments carry over to the next day, or if negative flows take over.