Bitcoin's (CRYPTO: BTC) performance has been notably stronger during U.S. trading sessions over the past month, but the higher interest was yet to translate into substantial inflows into exchange-traded funds.
What Happened: On Tuesday, Daan Crypto Trades, a widely followed cryptocurrency trader and influencer, drew attention to the apex coin's recent trading pattern. He noted a marked difference in the cryptocurrency's performance during U.S. sessions when compared to the below-par European and Asian sessions.
#Bitcoin has performed best during the US sessions the past month. The difference is pretty large and its clear that most work is being put in during the US sessions where the others have been pretty weak. Let's see if the ETFs start seeing some more inflows soon as well. pic.twitter.com/Ac1ZHJQxWG
— Daan Crypto Trades (@DaanCrypto) August 14, 2024
That said, inflows into U.S.-listed ETFs that track the spot price of Bitcoin have been lackluster. According to SoSo Value data, the total value of assets in these funds has decreased by more than 9% since the week ending July 19.
The ETFs recorded total net inflows of $38.94 million on Aug. 13, with iShares Bitcoin Trust (NASDAQ:IBIT) leading the list with a $34.55 million pump, while Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) recording $22.56 million worth of Bitcoin influx.
Why It Matters: The trader's observations came amid reports indicating a shift in investor behavior. Large wallet holders pivoted to an accumulation strategy last month, after selling off in the run-up to the all-time highs earlier in the year.
Furthermore, Bitcoin has shown a consistent trend of upward movement leading up to the U.S. presidential elections, as noted by Max, CEO and founder of media platform Because Bitcoin, in a recent podcast.
With the next U.S. presidential election on the horizon, it remains to be seen whether this trend will continue and spur increased investments into Bitcoin ETFs.
Price Action: At the time of writing, Bitcoin was exchanging hands at $60,899.86, up 3% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会（ASIC）の管理を受けております（AFSL No. 224663）。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。
