US Spot Bitcoin #ETFs Rebound With $418 Million Inflow.
On Monday, the U.S. spot #bitcoin exchange-traded funds (ETFs) experienced their first positive inflows, breaking a streak of five consecutive days of outflows totaling $887.6 million. The momentum continued into Tuesday, with the ETFs amassing $418 million in inflows, building on the $15.4 million gained the previous day.
Bitcoin ETFs’ Fortunes Flip
The week prior saw a different story for U.S. spot bitcoin ETFs, marking five days of net negative outflows nearing the $1 billion mark, with an official tally of $887.6 million. The peak of this downturn was on March 19, 2024, recording the highest single-day outflow of $316.2 million since the ETFs’ inception on Jan. 11, followed by a substantial $261.5 million in outflows on March 20, setting yet another record.
However, the tide began to turn on Monday, with a modest but noteworthy recovery, as the ETFs saw an uplift with positive inflows of approximately $15.4 million. Tuesday brought even more optimism, with the U.S. spot bitcoin ETFs capturing $418 million in positive inflows, prominently led by Blackrock’s IBIT and Fidelity’s FBTC.
By Wednesday, data indicates that IBIT now boasts a reserve of about 245,951.21 BTC, valued at roughly $17.16 billion. As of March 27, 2024, Fidelity’s FBTC is holding 143,720.69 BTC, worth just over $10 billion. Despite the influx of $418 million, Grayscale’s GBTC still experienced outflows on Tuesday. Currently, GBTC’s reserves stand at 342,607.61 BTC, equating to approximately $23.7 billion.
