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U.S. bitcoin exchange-traded funds experience consecutive inflows for the first time in four weeks.
ETF assets under management continue to diverge from spot bitcoin price.
US BTC ETF Inflow/Outflow (SoSo Value)
What to know:
- U.S. bitcoin ETFs report consecutive inflows for the first time in a month, totaling $616 million.
- Despite experiencing a 50% price decline from the October peaks, the total BTC held in ETFs has only decreased by 6%.
For the first time in nearly a month, U.S. bitcoin exchange-traded funds (ETFs) have achieved back-to-back net inflows, ending a redemption trend that had persisted since mid-January.
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As per SoSo value data, the series of inflows commenced on Friday with $471.1 million in new capital, followed by an additional $144.9 million on Monday. This occurs as bitcoin rebounded from last Thursday’s low of $60,000 to approximately $70,000.
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In mid-January, bitcoin reached a peak near $98,000 following a two-week surge that began at $87,000. The subsequent decline to $60,000 led to investors withdrawing millions from these spot ETFs.
Overall, investors still seem confident regarding the cryptocurrency’s long-term outlook, as indicated by the stable assets under management (AUM) of the spot ETFs.
As reported by Checkonchain, the total AUM of the 11 funds has only declined by approximately 7% since early October, dropping from 1.37 million BTC to 1.29 million BTC. In contrast, bitcoin has decreased by over 40% since reaching all-time highs above 126,000 in October.
