Bitcoin ETFs Take Over the Market: $105 Million Inflows in 15 Days
Bitcoin spot ETFs were controversial for a while, but they continue to gain ground. The stock funds that offer “physical” exposure to Bitcoin saw net inflows of $105 million last Sunday. This completes an extraordinary streak of 15 consecutive days of net inflows.
Fidelity ETF trumps BlackRock
Fidelity’s FBTC ETF proved to be the most popular choice, with inflows of more than $77 million. However, BlackRock’s iShares Bitcoin Trust did not experience any inflows or outflows. The Bitwise BITB ETF also attracted $14.3 million.
The continued interest in Bitcoin spot ETFs follows a revival in the price of Bitcoin itself. The largest crypto asset briefly peaked above the $70,000 mark – a milestone that was not reached last week. Bitcoin is currently trading around $69,000.
Accumulation of bitcoin holders is increasing
According to analysts from Bitfinex Bitcoin’s correction phase is nearing its end. Data shows that long-term holders started purchasing bitcoin again after a sell-off in December 2023. The number of new accumulation addresses for Bitcoin and Ethereum is also increasing.
$185 million in digital asset funds
The positive flows are not limited to Bitcoin ETFs. Last week, all digital asset investment products collectively attracted $185 million, the fourth week in a row with inflows. These funds now combine a record $15 billion in assets.
The increased demand is accompanied by the return of spot ETFs for Ether, after the SEC approved various providers such as VanEck and BlackRock. Grayscale’s impending Ether ETF could see significant outflows.
