Bitcoin ETFs See Significant Inflows as Zcash Gains Traction
- Bitcoin ETFs attracted $159.45 million on Thursday, led by Blackrock’s IBIT with $183.66 million in inflows.
- Zcash ETF ZCSH added $46.56 million, indicating demand for newer crypto funds despite ether weakness.
- Fidelity’s FBTC saw a $16.64 million outflow, while Vaneck’s HODL lost $7.57 million.
- Grayscale announced a forward stock split for its ZCSH ETF, effective Sept. 30.
Institutional demand returned to bitcoin, providing relief after a challenging period for the digital asset market. The significant inflows into bitcoin ETFs highlight selective capital allocation towards newer crypto products like Zcash, even as ether and XRP face withdrawals.
Thursday’s activity underscores a market trend of re-entering bitcoin while exploring emerging crypto funds such as Zcash, despite ongoing challenges for other assets like ether and XRP.(Source)
