On Monday, the U.S. spot bitcoin exchange-traded funds (ETFs) experienced their first positive inflows, breaking a streak of five consecutive days of outflows totaling $887.6 million. The momentum continued into Tuesday, with the ETFs amassing $418 million in inflows, building on the $15.4 million gained the previous day.
US Spot Bitcoin ETFs Rebound With $418 Million Inflow
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Bitcoin ETFs’ Fortunes Flip
The week prior saw a different story for U.S. spot bitcoin ETFs, marking five days of net negative outflows nearing the $1 billion mark, with an official tally of $887.6 million. The peak of this downturn was on March 19, 2024, recording the highest single-day outflow of $316.2 million since the ETFs’ inception on Jan. 11, followed by a substantial $261.5 million in outflows on March 20, setting yet another record.
However, the tide began to turn on Monday, with a modest but noteworthy recovery, as the ETFs saw an uplift with positive inflows of approximately $15.4 million. Tuesday brought even more optimism, with the U.S. spot bitcoin ETFs capturing $418 million in positive inflows, prominently led by Blackrock’s IBIT and Fidelity’s FBTC.
By Wednesday, data indicates that IBIT now boasts a reserve of about 245,951.21 BTC, valued at roughly $17.16 billion. As of March 27, 2024, Fidelity’s FBTC is holding 143,720.69 BTC, worth just over $10 billion. Despite the influx of $418 million, Grayscale’s GBTC still experienced outflows on Tuesday. Currently, GBTC’s reserves stand at 342,607.61 BTC, equating to approximately $23.7 billion.
What are your thoughts on the positive inflows witnessed this week by the U.S. spot bitcoin ETFs? Share your insights and opinions in the comments section below.
About the author
WRITTEN BYJamie RedmanNews Lead
Jamie Redman is the News Lead at Bitcoin.com News and a financial technology journalist based in Massachusetts.
