This week, Bitcoin ETFs recorded significant inflows, indicating a return of institutional interest following a series of outflows.
Return of Demand for Bitcoin ETFs
On Thursday, Bitcoin ETFs logged inflows totaling $165 million, according to data from SoSoValue. This marks the fifth consecutive session of positive fund flows, indicating a revival of institutional interest after a period of significant outflows.
Activity of Various ETFs
BlackRock's iShares Bitcoin Trust ETF (IBIT) was the main beneficiary, attracting $172 million. Fidelity Wise Origin Bitcoin Fund (FBTC) and Grayscale Bitcoin Trust ETF (GBTC) also saw positive movements, with inflows of $9.19 million and $5.22 million respectively. Meanwhile, some ETFs like Bitwise Bitcoin ETF (BITB) and Grayscale's GBTC experienced outflows, losing $17.4 million and nearly $8 million respectively.
Current State of the Bitcoin Market
Despite the positive ETF inflows, Bitcoin's price remains weak. Currently, the cryptocurrency is valued at $84,152, having dipped by 2.1% over the past 24 hours.
The resurgence of inflows into Bitcoin ETFs signals a return of institutional interest, although market conditions remain challenging. It is important to monitor future changes in investor sentiment and actions in the Bitcoin market.
