Bitcoin ETFs Buck Trend: 15.4M Dollars Inflows Break Outflow Streak

Crypto News- After a streak of five consecutive days witnessing capital outflows, Nasdaq-listed spot bitcoin exchange-traded funds (ETFs) experienced a turnaround on Monday, with a notable influx of $15.4 million, as per data from investment firm Farside.

Bitcoin ETFs Buck Trend: 15.4M Dollars Inflows Break Outflow Streak

The lion’s share of these inflows was led by Fidelity’s FBTC, drawing in an impressive $261.8 million, closely followed by BlackRock’s IBIT, which secured $35.5 million. Other notable funds like BITB, BTCO, EZBC, and BRRR also saw healthy investments ranging from $11 million to $20 million each. However, Grayscale’s ETF (GBTC) remained on the losing end, shedding just over $350 million.

The previous week had seen a substantial cumulative outflow of $887.6 million, largely attributed to significant withdrawals from GBTC.

New U.S. Spot Bitcoin ETFs: Simplifying Cryptocurrency Investment for Investors

The introduction of nearly a dozen spot ETFs in the U.S. on Jan. 11 has provided investors with an accessible avenue to gain exposure to the primary cryptocurrency, circumventing the complexities associated with owning and safeguarding digital assets. These ETFs, which directly invest in bitcoin, eliminate the necessity for position rollovers, distinguishing them from futures-based ETFs launched in October 2021.

Since the inception of spot ETF trading, bitcoin has surged by more than 50%, reaching $70,750. On Monday, prices experienced a modest uptick of just over 4%, momentarily breaching the $71,000 threshold. Markus Thielen, the founder of 10x Research, noted that quarter-end flows might exhibit heightened activity, potentially propelling the cryptocurrency to new highs.

Tuesday’s Bitcoin ETF Surge: Fidelity Leads 262M Dollars Influx, Analyst Observes Weekly Flow Patterns

“Bitcoin ETF flows saw a miraculous turnaround on Monday, with Fidelity suddenly attracting $262 million in buyers, contrasting with $18 million, $3 million, and $13 million in the preceding three sessions. Typically, flows on Tuesday (30%) tend to absorb flows from Thursday (16%) and Friday (12%), while Monday and Wednesday (each 21%) maintain a balanced ‘20%’ share per weekday,” Thielen highlighted in Tuesday’s newsletter.

“With bitcoin surpassing $70,000, it’s conceivable that Tuesday’s flows could once again turn positive. Moreover, with the quarter-end approaching, we anticipate flows to be stronger than usual,” Thielen remarked, signaling potential bullish momentum ahead.