HomeCrypto NewsBitcoin ETFs in the US see positive streak after four consecutive days...

Bitcoin ETFs in the US see positive streak after four consecutive days of inflows

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By Hannah Perez

US Bitcoin spot ETFs are poised to close out their best week since March if they manage to record joint inflows this Friday. Institutional interest could push Bitcoin towards $70,000.

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  • Positive sign: Bitcoin ETFs have their best run since early April
  • They had their fourth consecutive day of inflows worth USD $257 million on Thursday
  • Meanwhile, Bitcoin resists above USD $66,000
  • Some Believe Institutional Support Could Boost Bitcoin Price

Exchange-traded funds (ETFs) Bitcoin spot in the US, continue to show signs of recovery and appear to be on track to close their first positive week since March.

On Thursday, the group of funds linked to the world’s largest and oldest cryptocurrency recorded a net inflow worth $257 million, marking the fourth consecutive day of positive flows for ETFs, data from SoSoValue.

The ETFs of Bitcoin spot had seen its best session in almost two weeks on Wednesday, after accumulating daily inflows of just over USD $300 million. The positive streak of the last four days has been the best since early April, when ETFs also managed to accumulate four consecutive days of inflows.

Inflows to ETFs based on Bitcoin physical assets have been cooling since hitting a record over $1 billion a day in March. The acceleration of inflows coincided with an astronomical increase in the price of Bitcoinwhich in March reached historical highs of more than USD $73,000 per coin.

Shortly after launching in January, the ETFs Bitcoin cash saw a streak of 17 continuous days of inflows. However, since March, the group has collectively failed to record capital inflows for more than four consecutive days. If the products register enough purchases this Friday, it would mark the first full week of entries in two months.

ETFs Bitcoin about to close its best week since March

IBIT, the ETF of Bitcoin cash managed by BlackRockdominated Thursday with a positive flow worth close to USD $94 million, thus breaking the streak of three consecutive days without capital inflows, according to data from Farside Investors.

A day earlier, in an unusual session, IBIT remained neutral in terms of inflows while almost all other ETFs, including GBTC of Grayscale, they saw capital inflows. The ETF converted from Grayscale has been the biggest loser so far, with cumulative outflows of more than $17 billion, while IBIT has dominated in terms of inflows.

FBTC Fidelity continued to maintain its leading position with entries of USD $67.1 on Thursday, followed by ARKB of ark and 21Shares, with USD $62 million. BRRR, the ETF Bitcoin of Valkyrierecorded inflows of USD $18.5 million, while funds from Bitwise, Franklin Templeton and Digital Galaxy they got single-digit innings.

The product of Grayscale was also included in this group, with inflows of USD $4.6 million on Thursday, while the rest of the ETFs recorded a flow of zero dollars in the session.

Collectively, the ETFs have racked up $12.40 billion worth of net inflows so far, according to the same data source, although trading volume remains below its peak level in March, as noted The Block.

¿Bitcoin heading towards USD $70,000?

The consecutive net inflows of the 11 ETFs of Bitcoin spot in the US came amid revelations of the institutions that have been investing in these funds and a rise in the price of Bitcoin.

Major players in the traditional financial industry have previously reported their holdings in ETFs to US federal regulators. Bitcoin cash. Banks like JPMorgan, Morgan Stanley, Wells Fargoare on the list, as are European institutions, hedge funds and even a US state.

IBIT ended with 414 reported holders” in the first quarter of 2024, wrote Eric Balchunas, senior ETF analyst at Bloomberg on Thursday, calling the movement “Amazing” and “very rare” for a newborn ETF.

Bitcoin (BTC), which has moved primarily lower since March highs, was volatile on Thursday as it fell in price after retaking the $66,000 mark. Despite the bearish movement, the cryptocurrency has rallied again, trading above USD $66,300 at press time.

Analysts and traders are now hopeful that Bitcoin resume its course towards its March highs, as institutional interest and appetite become evident. “If cryptocurrencies receive support from global risk appetite on Friday, Bitcoin could surpass $70,000 over the weekendsaid Alex Kuptsikevich, senior market analyst at FxProto CoinDeskreferring to the increase in spot ETF inflows.


Article by Hannah Estefanía Pérez / DailyBitcoin

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