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HomeFinance NewsBitcoin ETFs Break Outflow Trend, Amass $15.4M

Bitcoin ETFs Break Outflow Trend, Amass $15.4M

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The Nasdaq-listed spot bitcoin exchange-traded funds (ETFs) saw a significant turnaround on Monday with inflows totaling $15.4 million after a week of outflows. Fidelity’s FBTC led the inflows with $261.8 million, followed by BlackRock’s IBIT with $35.5 million. However, Grayscale’s ETF (GBTC) continued to experience outflows, losing over $350 million. This shift in inflows could potentially signal a stronger quarter-end for the cryptocurrency.

Since the debut of nearly a dozen spot ETFs in the U.S. in January, bitcoin has surged over 50% to $70,750, with prices rising over 4% on Monday. Markus Thielen, founder of 10x Research, highlighted the importance of spot ETF inflows and the issuance of dollar-pegged stablecoin tether (USDT) for bitcoin to continue its upward momentum. He emphasized that a stronger quarter-end could further propel the cryptocurrency’s price to new highs.

Thielen also mentioned the impact of daily flows on bitcoin’s price and the potential for positive inflows on Tuesday. He noted that if spot ETF inflows and USDT issuance do not increase, the rally could become reliant on futures traders. Overall, the recent influx of funds into spot bitcoin ETFs could indicate a positive trend for the leading cryptocurrency in the coming days.

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