Asia Morning Briefing: Bitcoin ETFs Pull In $300M as Traders Rush to Buy the Dip

Bitcoin exchange-traded funds (ETFs) in the U.S. have seen a turnaround with $299.8 million in net inflows after two weeks of redemptions. The leading contributors to this surge were Fidelity's FBTC, bringing in $165.9 million, and Ark 21Shares with $102.5 million. Despite the positive ETF performance, the broader market landscape showed a stark contrast, with digital asset products experiencing $1.17 billion in outflows over the previous week. Meanwhile, Solana continued to attract attention, securing $118 million in inflows. Analysts highlight the robustness of Bitcoin's fundamentals, nearing 95% of its maximum supply, sustaining its role as a valuable asset. Institutional investors appear to be recalibrating their strategies, showing preference for stable assets like Bitcoin as macroeconomic pressures persist. Notably, Bitcoin’s price rose by 1.4% to around $103,000, buoyed by ETF inflows and positive sentiment, while Ethereum gained 2.1%. Further market movements reveal gold prices nearing record highs amid significant profits reported by major mining companies. This reflects ongoing adaptations within financial landscapes as cryptocurrency continues to evolve.

Source 🔗