Bitcoin ETFs Experience Turnaround With $859M Inflows After Previous Outflows

U.S. spot bitcoin exchange-traded funds (ETFs) have enjoyed a streak of positive inflows for four consecutive days, according to the latest figures. This rise in interest comes after a previous week that witnessed five straight days of outflows, totaling a substantial $887.6 million.

After a Week of Outflows, Bitcoin ETFs Bounce Back Strong

From March 18 to March 22, 2024, these ETFs experienced a notable decline with net outflows reaching around $887.6 million. However, the tide has turned in the last four days, with inflows nearly neutralizing the previous losses. Data from March 25 to March 28 shows a resurgence, with positive inflows amounting to $859.7 million.

On March 28, FBTC, BITB, ARKB, and IBIT led the resurgence in U.S. spot bitcoin ETF inflows. Excluding Grayscale’s GBTC, these ETFs are also among the top holders of bitcoin (BTC) reserves. Without considering Grayscale, Blackrock’s IBIT holds the most substantial BTC reserves, with 252,011.41 BTC valued at approximately $17.77 billion as of Sunday.

Fidelity’s FBTC follows as the second-largest with 143,742.55 BTC, valued at $10.13 billion on March 31. Ark Invest’s ARKB possesses 44,277 BTC worth $3.12 billion, while Bitwise’s BITB ETF has 31,680.15 BTC, valued at $2.23 billion. Grayscale’s Bitcoin Trust (GBTC) currently secures 335,153.86 BTC, estimated at $23.6 billion on Sunday.

In the 24 hours leading up to the close of trading on March 28, GBTC’s holdings reduced down from 342,607.61 BTC, indicating a divestiture of 7,453.75 BTC worth $525 million during that period. GBTC has observed negative outflows in every trading session, with BTCO also experiencing a 24-hour negative outflow on March 20.

What do you think about the recent rebound spot bitcoin ETFs have seen? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn