BTC Rebounds to $59k as US Spot Bitcoin ETFs Record $216 Million in Net Inflows

TL;DR

• Bitcoin is up by more than 3% and is currently trading above the $59k mark.

• The US spot bitcoin ETFs recorded $216 million in net inflows on Tuesday, continuing a positive flow streak.

BTC Eyes $60k as Market Recovery Gains Momentum

The cryptocurrency market has been recovering from last week’s losses, gaining momentum over the last 24 hours. Bitcoin, the leading cryptocurrency by market cap, is up by 3.4% in the last 24 hours and is currently trading at $59,168 per coin.

The positive performance comes as spot bitcoin ETFs in the U.S. saw $216.33 million worth of net inflows on Tuesday. According to data obtained from SoSoValue, BlackRock’s IBIT, the largest spot bitcoin fund in terms of net asset value, was the winner, attracting $121.03 million from investors. It was followed by Fidelity’s FBTC, which recorded $90.95 million in net inflows. 

Ark Invest and 21Shares’ ARKB reported $43.3 million in inflows, while VanEck’s bitcoin fund also saw $3.27 million. Grayscale’s GBTC continued with its negative trend, recording outflows of $37.5 million, while Bitwise’s BITB also reported net outflows of $4.72 million.

Furthermore, the chances of a September rate cut increased on Tuesday after U.S. Federal Reserve Chairman Jerome Powell revealed during a Congress hearing that elevated inflation is not the only risk faced by the economy. He said,

"Reducing policy restraint too late or too little could unduly weaken economic activity and employment."

Altcoins are also performing positively, though most of them are underperforming compared to Bitcoin. Ether is up 1.5% in the last 24 hours and is currently trading at $3,118 per coin.

Avalanche’s AVAX is the best performer amongst the top 20 cryptocurrencies by market cap, adding 7% to its value and now trades at $27.28. Thanks to these rallies, the total crypto market cap continues its uptrend and now stands at $2.17 trillion (up by 2%).