🎉 The outflow of funds from U.S. Bitcoin ETFs has ended, with a net inflow of over $744 million last week
In recent weeks, the outflow of funds from U.S. Bitcoin ETFs had been quite pessimistic, with weakened investor interest and poor sentiment. However, the latest situation seems to be improving, and new demand from investors may be on the rise.
According to SoSoValue data, U.S. Bitcoin ETFs continued their hot momentum of inflows last week. On March 21 (Friday), there was a net inflow of $83.09 million for the entire day, marking the sixth consecutive day of net inflows for this type of crypto product.
On Friday, only two Bitcoin ETFs experienced fund flows. The iShares Bitcoin Trust (ticker symbol IBIT) managed by BlackRock had the highest appreciation, reaching $104.99 million; meanwhile, the Grayscale Bitcoin Trust (GBTC) saw a net outflow of $24.47 million for the week.
Despite this, the single-day net inflow of $83.09 million pushed the weekly record for Bitcoin ETFs to an astonishing net inflow of $744 million. Interestingly, last week's record ended a streak of five consecutive weeks of net outflows for Bitcoin ETFs.
It is worth noting that since the launch of the U.S. Bitcoin ETF market, a total of $5.39 billion has flowed out over every five weeks. Among these, on February 25, the total net outflow of crypto financial products exceeded $1.14 billion in a single day.
Some opinions suggest that the outflow of funds from Bitcoin ETFs is related to the uncertainty in the U.S. financial markets. Since Trump's re-election, the market has primarily been troubled by global trade wars, interest rate decisions, and other factors.
Since the launch of the U.S. Bitcoin spot ETF, there has been ongoing discussion about the impact of Bitcoin ETF performance on the price of the flagship cryptocurrency market. As seen in the recent consecutive weeks of net outflows, whenever ETF investors exit the market, Bitcoin prices tend to struggle.
However, despite the increasing demand for U.S. Bitcoin ETFs, the Bitcoin market currently seems to be in a consolidation phase. Nonetheless, it is believed that with the sustained demand for Bitcoin ETFs, it could serve as a positive catalyst for Bitcoin prices to regain an upward trend.
As of now, BTC's price hovers around $86,000, with a slight increase over the past 24 hours.
Overall, the inflow of funds into U.S. Bitcoin ETFs is showing signs of improvement, which seems to be a positive signal.
