Key Notes
- Bitcoin is regaining its safe-haven status amid global uncertainty, with analysts predicting continued inflows.
- Bitcoin trades near $111,000, with analysts eyeing the 20-week SMA as key support.
- Ethereum ETFs see outflows as ETH struggles below $4,400, with a potential drop toward its 21-week EMA at $3,400.
Amid the broader crypto market correction, Bitcoin
BTC
$111 596
24h volatility:
2.1%
Market cap:
$2.22 T
Vol. 24h:
$46.00 B
is once again emerging as a safe haven asset, regaining the “digital gold” narrative amid the global macro uncertainty.
Inflows into spot Bitcoin ETFs surged on September 2, recording a total of $332.7 million. On the other hand, Ethereum
ETH
$4 363
24h volatility:
0.6%
Market cap:
$526.57 B
Vol. 24h:
$32.41 B
ETFs have seen outflows of $135 million on September 2.
The shift follows a strong August for Ethereum funds, which recorded $3.87 billion in inflows, while Bitcoin ETFs faced $751 million in outflows.
Fidelity Leads Bitcoin ETF Inflows
Fidelity’s Wise Origin Bitcoin Fund (FBTC) topped the inflow charts with $132.7 million, followed by BlackRock’s IBIT at $72.8 million.
Other major issuers, including Grayscale, Ark 21Shares, Bitwise, VanEck, and Invesco, also reported additional inflows, as per data from SoSoValue.
Bitcoin ETF inflows are on the rise again. | Source: SoSoValue
The latest uptick in spot Bitcoin ETF inflows coincides with the resurgence of Bitcoin’s “digital gold” narrative.
Crypto investment products saw a strong rebound last week, recording $2.48 billion in net inflows following $1.4 billion in outflows the week before.
Bitcoin price took a dive under $107,500, before recovering once again to $111,000, which is its 20-week simple moving average (SMA).
Spot Ethereum ETFs Are Bleeding
Ether ETFs experienced significant outflows, with Fidelity’s FETH leading the decline at $99.2 million, followed by Bitwise’s ETHW with $24.2 million. On August 29 alone, Ether ETFs recorded a total of $164 million in withdrawals.
These outflows come as Ethereum price has been under selling pressure, and is currently trading under $4,400.
Analyst Benjamin Cowen expects Ethereum to drop to its 21-week EMA within the next 4-6 weeks, after which it could rally to new all-time highs, with a final rotation into Bitcoin this cycle.
As shown in the image above, the ETH price could potentially drop to $3,400 by September-end. There’s a possibility for another 20% correction from here before ETH resumes its Q4 rally to new all-time highs.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
Source: https://www.coinspeaker.com/bitcoin-etf-inflows-resume-sparking-digital-gold-narrative-ether-etfs-bleed/
