November 7 Bitcoin Rally- Bitcoin ETFs See Positive Inflows After Three-Day Outflow Streak
November 7 Bitcoin Rally– The cryptocurrency market witnessed a notable shift in sentiment on Monday, as spot Bitcoin ETFs saw a significant reversal of outflows, recording net positive inflows for the first time in several days. This change in direction follows a three-day streak in which $712.9 million had exited these funds. Data from SoSoValue revealed that the 12 spot Bitcoin ETFs tracked on Monday collectively saw inflows, signaling renewed investor interest.
Fidelity’s Bitcoin ETF Leads the Inflow Surge
Among the top performers, Fidelity’s spot Bitcoin ETF, FBTC, led the charge, with $308.77 million in inflows, marking a robust recovery after a four-day period of steady inflows. This ETF’s performance was part of a broader trend, with other funds also receiving substantial investments. ARK 21Shares’s ARKB ETF saw an inflow of $127 million, followed by the Grayscale Bitcoin Mini Trust, which attracted $108.81 million. The Bitwise BITB ETF also saw a solid influx, bringing in $100.92 million.
Notably, Grayscale’s GBTC and VanEck’s HODL Bitcoin Trust recorded more modest but still positive inflows of $30.91 million and $17.18 million, respectively. These inflows are indicative of the growing confidence in Bitcoin ETFs, reflecting the broader optimism surrounding Bitcoin’s price trajectory.
BlackRock’s iShares Bitcoin Trust Diverges from the Positive Trend
Despite the overall positive momentum in Bitcoin ETFs, BlackRock’s iShares Bitcoin Trust, the largest Bitcoin ETF by net assets held, experienced an outflow of $69.11 million. This marks a divergence from the general trend observed across most other spot Bitcoin ETFs. However, it’s worth noting that iShares Bitcoin Trust has seen an impressive $26 billion in total net inflows since its inception, reinforcing its position as one of the dominant players in the Bitcoin ETF space.
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