Bitcoin ETFs see $1.7 billion in inflows this week
Bitcoin’s price is also bouncing back, passing $116,000 for the first time since August 22.
Bitcoin ETFs finally turned a corner this week, recording their fourth consecutive day of inflows. The funds registered $1.7 billion in inflows since Monday, according to SoSoValue data. Yesterday, iShares Bitcoin Trust took the lion’s share, with $366.2 million in inflows. Meanwhile, bitcoin crossed the $116,000 mark yesterday for the first time since August 22.
In other bitcoin news:
Bitcoin’s single-day hash rate — the computing power used by a blockchain — hit an all-time high of “1.12 billion TH/s [terahashes per second] on Tuesday,” per Decrypt.
South Korea’s newly launched BitPlanet completed its acquisition of SGA for $50 million, aiming to become one of the 10th-largest global bitcoin treasuries.
Benchmark reiterated its “buy” rating of bitcoin miner Canaan, noting that the guidance it offered in its second-quarter earnings report is in the $125 million to $145 million range, “which would represent sequential growth of 25% to 45%.” In addition, Benchmark analyst Mark Palmer said the US tariffs impacted the miner early this year but that it quickly pivoted its efforts stateside.
Bitcoin miner Bitdeer announced its August production, saying it mined 375 bitcoin, a 33% month-over-month increase, “due to higher average self-mining hashrate from energization of SEALMINERs.” The company also increased its bitcoin holdings to 1,934 from 1,667 in July.
