Bitcoin Spot ETFs Witness $38.45 Million Inflow, Marking Fifth Day of Gains

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3 Feb 2024

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Bitcoin Spot ETFs Witness $38.45 Million Inflow, Marking Fifth Day of Gains

Mushumir Butt
BTC price soars amid continuous net inflow of Bitcoin spot ETFs
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Fri, 2/02/2024 - 12:15
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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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In a continued bullish trend for the cryptocurrency market, Bitcoin spot ETFs recorded a total net inflow of $38.45 million on Feb. 1, marking the fifth consecutive day of net inflow. Data from SoSoValue, a leading market analytics platform, reveals significant movement within the ETF sector as investors flock to gain exposure to the world's largest cryptocurrency.

Notably, while the overall trend was positive, Grayscale’s GBTC experienced a single-day net outflow of $182 million. However, this was more than offset by the influx of funds into other Bitcoin spot ETFs, with a total net inflow of $220 million into the remaining nine ETFs.
Among the Bitcoin spot ETFs, BlackRock's IBIT emerged as a prominent leader in terms of daily net inflow, attracting a substantial $163.86 million. Fidelity's FBTC also exhibited strong investor interest, with a net inflow of $35.77 million. The remaining ETFs collectively contributed to the net inflow, indicating a growing appetite for Bitcoin investment vehicles within the traditional finance sector.

Bullish trend emerges

The positive sentiment on the Bitcoin spot ETF market corresponds with the broader trend on the cryptocurrency market. As of the latest available data, the price of Bitcoin stood at $43,070, reflecting a notable increase of 2.11% within the last 24 hours. This upward movement is indicative of the enduring appeal of Bitcoin as an asset class among both institutional and retail investors.
The recent surge in Bitcoin spot ETF inflows underscores the growing acceptance of cryptocurrencies within the traditional financial ecosystem. As institutional investors increasingly seek exposure to digital assets, ETFs offer a convenient and regulated avenue for them to participate in the crypto market.
Moreover, this trend aligns with the broader adoption of cryptocurrencies as legitimate assets and further solidifies Bitcoin's position as a store of value and a viable investment option. Analysts and experts in the cryptocurrency space continue to monitor the Bitcoin ETF market for signs of sustained growth and evolving investor sentiment.
#Spot Bitcoin ETF #Bitcoin News

About the author
Mushumir Butt
With over three years of immersive experience in the crypto industry, Mushumir is a seasoned crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical insight and communicative flair to the crypto space. Having penned countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and crypto newcomers alike.
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Ripple v. SEC: Crucial Moment Remains Ahead in Legal Decision

Tomiwabold Olajide
Next key date in Ripple-SEC lawsuit is February 12
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Fri, 2/02/2024 - 12:00
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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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The legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) is nearing a critical moment as both parties await a pivotal ruling from the court.

According to Bill Morgan, an XRP enthusiast and legal expert, "Judge Torres might need to rule on the SEC ‘s motion to compel quickly given the February 12 deadline for completion of remedies-related discovery."

•It seems Judge Torres needs to rule on the SEC ‘s motion to compel quickly as the current remedies phase timetable requires remedies related discovery to be completed by 12 February. /5
— bill morgan (@Belisarius2020) February 1, 2024

The next key date in the Ripple-SEC lawsuit is Feb. 12, which is when the parties are expected to complete all remedies-related discovery. Along these lines, a pivotal ruling on the SEC's motion to compel Ripple to produce certain financial information might shape events.
On Jan. 11, the SEC requested an order compelling Ripple to produce two narrow categories of documents: (a) its financial statements for the years 2022-2023, and (b) its post-complaint contracts governing "institutional sales" — held to be unregistered offers and sales of securities pre-complaint.
Related
Ripple v. SEC: Here's Next Important Date
Relatedly, the SEC seeks to compel Ripple to answer a single interrogatory, setting forth the amount of XRP institutional sales profits that it received after the filing of the complaint for contracts entered into pre-complaint.
The SEC stated it was seeking this information in determining whether the court should impose relief such as injunctions and civil penalties and, as to the latter, in what amount.
This issue has gone back and forth among the parties: Ripple filed its reply in response to the SEC. The SEC has submitted another reply in further support of its motion to compel. Ripple also filed a motion to file a sur-reply, which has been granted.
Ripple’s opposition to this motion makes clear its position that Judge Torres’ Institutional Sales ruling does not apply to Ripple’s current ODL sales.
SEC, on the other hand, claims the discrete post-complaint contracts it seeks are probative evidence as to this argument.
The agency further claims it is not asking the ruling Judge Torres to conduct a mini-trial as to the legality of Ripple’s post-complaint institutional sales since it agrees that any such determination cannot be made at the remedies stage.
Related
Ripple v. SEC: Here's Why Appeal Might Not Be Immediate — Fox Business Anchor
The SEC argues it intends to prove the question at the remedies stage on whether there is a "reasonable likelihood" of new violations.
Ripple, on the other hand, argues that its planned future XRP sales do not conflict with Judge Torres’ summary judgment. The XRP community keeps their fingers crossed for a favorable outcome on the issue.
#Ripple News
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
2024/02/02 12:18
Bitcoin Spot ETFs Witness $38.45 Million Inflow, Marking Fifth Day of Gains
Mushumir Butt
2024/02/02 12:18
Meme Coin BITCOIN Price Skyrockets After Vitalik Buterin Apologizes
Gamza Khanzadaev
2024/02/02 12:18
Solana-Based Pyth Network (PYTH) Surges Over 20% After Major Listing
Mushumir Butt
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