Bitcoin ETFs Attract $462M as BTC Peaks Above $73K
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James Mitchell combines investment banking with cryptocurrency journalism to analyze the institutional adoption of digital assets. Specializing in ETFs and regulation, he translates complex developments…
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In a remarkable turn of events, Bitcoin exchange-traded funds (ETFs) have seen a significant surge in inflows, totaling $462 million as Bitcoin’s price momentarily crossed the $73,000 threshold. This notable uptick represents the third consecutive day of inflows and contributes to an impressive weekly total of $1.1 billion, as reported by Farside data.
The recent inflows have pushed the year-to-date totals for Bitcoin ETFs to approximately $700 million. This comes after a challenging period where ETFs underwent a five-week outflow phase, during which they experienced a loss of $3.8 billion.
Alongside Bitcoin, Ethereum funds also joined the upward trend, capturing $169 million in inflows after a slight dip of $11 million the previous day. Analysts suggest that this trend might indicate a shift in market sentiment, as nearly all Bitcoin ETFs have now reversed to positive net flows for the year.
On Wednesday, it was notable that the vast majority of US spot Bitcoin funds recorded inflows, with the exception of the CoinShares Bitcoin ETF, which remained stagnant with no inflows for the day. Leading the charge was BlackRock’s iShares Bitcoin Trust ETF (IBIT), which attracted $307 million, followed by the Fidelity Wise Origin Bitcoin Fund with $48 million, and the Grayscale Bitcoin Mini Trust with $32 million.
According to ETF analyst Eric Balchunas from Bloomberg, almost all Bitcoin ETFs have turned net positive for the year, leaving only three funds in the negative. The Fidelity Wise Origin Bitcoin Fund, for instance, has seen outflows amounting to $1.1 billion. Meanwhile, Grayscale Bitcoin Trust ETF and ARK 21Shares Bitcoin ETF have experienced $648 million and $162 million in outflows, respectively.
The recent wave of inflows appears to coincide with a shift in market sentiment, highlighted by a notable 12-point increase in the Crypto Fear & Greed Index over the last 24 hours. Although Bitcoin has recovered approximately 20% from its February low of $60,000, the index remains within the ‘extreme fear’ zone, currently sitting at a score of 20.
At the time this article was crafted, Bitcoin was trading at $72,214, reflecting an 8% decrease over the past month according to CoinGecko. The ongoing developments in Bitcoin ETFs and the cryptocurrency market at large remain closely watched by investors.
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