Yesterday, October 14th, Bitcoin (BTC), Ethereum’s virtual currency Ether (ETH), and spot exchange traded funds (ETFs) had a strong day on Wall Street.
In this context, financial products based on Bitcoin are Received $103 million capital injection. Fidelity’s ETF FBTC topped the day at $133 million, reversing several days of negative flows.
The following graph provided by SosoValue shows what the flow of funds to and from the BTC ETF looks like.
Meanwhile, the Spot Ether ETF attracted net inflows of $236 million. Continuous deficit for several days also updated. This recovery in both markets shows an increase in investor confidence in BTC and ETH.
The performance of an ETF directly affects the price of the underlying assets. Managers of these funds buy and hold Bitcoin or Ether to back their actions. According to a report by CriptoNoticias, as the demand for these products increases, companies will acquire more BTC or ETH in the market, causing the price to rise due to supply and demand dynamics.
the result, Bitcoin price rises from $110,000 and is currently trading at $112,000while ETH also increased from $3,894 to $4,200. This move suggests that bullish momentum could strengthen if the positive trend persists.
