Bitcoin ETFs Experience Consecutive Weekly Inflows for First Time
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The recent trends in the market have brought a positive change for US spot Bitcoin exchange-traded funds (ETFs), which have now experienced two successive weeks of inflows, marking a significant turnaround after a prolonged period of outflows.
According to data from SoSoValue, Bitcoin ETFs saw net inflows amounting to approximately $568.45 million in the latest week. This follows a strong performance the week before, where they accumulated around $787.31 million. These trends indicate a renewed interest among investors after facing a lengthy outflow period.
Prior to this rebound, the spot Bitcoin ETFs faced a difficult stretch, characterized by around $3.8 billion in cumulative outflows over five weeks. The peak of this withdrawal phase occurred during the week leading up to January 30, when net outflows soared to about $1.49 billion.
Breaking it down further, the inflows were varied throughout the week. On Monday alone, Bitcoin ETFs recorded a strong inflow of $458.19 million, followed by $225.15 million on Tuesday, and an impressive $461.77 million on Wednesday. However, the trend saw a shift towards the end of the week with outflows of $227.83 million on Thursday and additional redemptions totaling $348.83 million on Friday.
While Bitcoin ETFs were bouncing back, spot Ether ETFs also registered their second week of positive net inflows. These funds attracted around $23.56 million this past week after seeing $80.46 million in the previous week. This marks their first consecutive weekly gain since early October of the last year.
Before this uptick, Ether ETFs had struggled, accumulating over $1.38 billion in outflows over a five-week timeframe. The most significant outflow during this period was reported at roughly $611 million in the week ending January 23.
Throughout last week, Ether ETFs had a mixed performance, with inflows and outflows fluctuating. The week began with an inflow of $38.69 million on Monday, but Tuesday experienced $10.75 million in outflows. Wednesday saw a resurgence with inflows of $169.41 million, although momentum dwindled towards the end of the week.
In a notable commentary on market dynamics, Blockstreamβs marketing director, Fernando NikoliΔ, pointed out that Bitcoin ETFs have already approached the cumulative inflows achieved by gold ETFs over a span of 15 years, doing so in less than two years despite gold’s earlier establishment in the ETF arena. He emphasized that this achievement occurred even amid a 46% decline in Bitcoin prices, suggesting robust institutional demand persists despite market challenges.
This development in the Bitcoin ETF landscape signifies not only a recovery but also reflects the evolving relationship between digital assets and traditional commodities like gold.
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Gregory Russell
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