XRP Price Drops 3% Despite Ripple-Backed Evernorth Nasdaq Debut 
Arthur Hayes Announces FLOP Testnet Launch Within Weeks 
Canton Network Expands in South Korea With Major Partnerships 
Morgan Stanley Predicts $10 Trillion RWA Market by 2030 
Visa Wins China Approval to Prepare Domestic Payments Expansion 
Bitcoin Price Drops as US Dollar Hits 18-Month High 
Hong Kong’s Second Solana ETF Launches With Lower Fees 
Ripple-Backed Evernorth Set for Nasdaq Debut With 473 Million XRP 
Nvidia’s China AI Chip Market Share Falls to 34% as Huawei Gains Ground 
South Korea Blocks 27 Crypto Exchange Websites in Regulatory Crackdown 
European Auto Stocks Rise as EU-China Trade Deal Targets Hybrid Imports 
Samsung, SK Hynix Shares Plunge as China Chip Competition Grows 
Oracle Uses Trucked Natural Gas to Power AI Data Centers Amid Pipeline Delays 
Ethereum Foundation-Linked Wallets Move $11.13M in ETH to Kraken 
Moonshot AI Executives Seek Settlement Ahead of Hong Kong IPO 
Add as a preferred source on Google
After weeks of significant outflows, Bitcoin ETFs saw a strong $28.6 million inflow, sparking optimism. Bitwise CIO Matt Hougan highlighted a boom in advisor participation, calling it the driving force behind the recovery.
Bitcoin ETFs Rebound with $28.6 Million Surge
On Monday, $28.6 million was invested into spot Bitcoin ETFs, with $22.0 billion going into Bitwise's BITB and $28.6 million going into Fidelity's FBTC, according to data from Farside Investors. However, the GBTC of Grayscale saw outflows of $22.8 million and the IBIT of BlackRock of $9.1 million.
After a deluge of outflows over the past two weeks, yesterday's inflows bring tremendous comfort, according to Coingape. With Bitcoin's market sentiment plummeting, some in the cryptocurrency business have also begun to claim that BTC ETFs have begun to lose ground.
Analysts Defend Bitcoin ETFs Despite Market Worries
Experts in the field have spoken out in favor of Bitcoin exchange-traded funds. The $1.2 billion outflows pale in contrast to the $46 billion AUM of the ETFs, according to Bloomberg analyst Eric Balchunas, who maintains his positive stance on the BTC ETFs.
He downplayed the significance of the outflows, saying that they are run for the course and not cause for serious alarm. It should be noted that these ETFs have received a total of $16.92 billion in net inflows since their introduction in January, notwithstanding these outflows.
Bitwise CIO Counters Claims of Low ETF Adoption
Last week, Bianco Research's Jim Bianco voiced his belief that investment wealth advisers are not investing in Bitcoin ETFs and that their adoption is relatively "small," which devalues the product. Adding to this, Bitwise CIO Matt Hougan refuted the claim and said that investment advisors are embracing Bitcoin ETFs at a rate never seen before.
Hougan mentioned that BlackRock's IBIT ETF had received $1.45 billion in net flows from investment advisors. In terms of growth rate, it ranks as the second-fastest ETF introduced this year when all other Bitcoin ETFs are excluded. Hougan also brought up the KLMT ETF as an example; that fund had a $2 billion seed from a single investor but hasn't gotten any help from financial advisors.
The chief information officer of Bitwise stressed that financial managers may only make up a small percentage of Bitcoin ETF purchasers, but that their use of these products is unparalleled.
