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Bitcoin ETFs Record First Weekly Inflow of $343M Amid Bitcoin $63K Rebound

Bitcoin ETFs Record First Weekly Inflow of $343M Amid Bitcoin $63K Rebound

CoineditionCoinedition2024/05/04 12:37
By:Abdulkarim Abdulwahab
  • U.S. Bitcoin spot ETF sees first positive fund flow in seven days, with $343M.,
  • Grayscale’s Bitcoin Trust records its first-ever inflow since inception, after draining over $12 billion.
  • Institutional interest rekindles as Bitcoin reclaims the $63,500 threshold.

The U.S. Bitcoin spot exchange-traded fund (ETF) has witnessed the first positive fund flow after seven consecutive days of trading with negative flow. More remarkable, Grayscale’s Bitcoin Trust (GBTC) recorded the first-ever inflow since its inception after draining over $12 billion.

According to public records, U.S. Bitcoin spot ETFs ended Friday trading with a net inflow of $343 million. This influx was influenced by Fidelity’s FBTC, which alone witnessed a positive flow of $102.6 million. 

Coming next on the ranking was the fund inflow from Grayscale. In particular, Grayscale ETF saw a positive flow of $63 million for the first time since the January approvals. Meanwhile, the firm recorded an outflow of over $12 billion since the approvals.

Other U.S. issuers that saw positive flow on Friday included BlackRock (IBIT), Bitwise (BITB), Ark Invest, Franklin (EZBC), and Invesco Galaxy (BTCO). On the other hand, the ETFs of Valkyrie (BRRR) and WisdomTree (BTCW) saw zero influx.

Bitcoin ETFs Record First Weekly Inflow of $343M Amid Bitcoin $63K Rebound image 0 Bitcoin ETFs Record First Weekly Inflow of $343M Amid Bitcoin $63K Rebound image 1 Source: Spot On Chain

Notably, before Friday, the U.S. Bitcoin ETF market last saw inflow on April 25. The flows dropped to negative as BlackRock’s ETF saw consecutive trading days with zero influx. Furthermore, the flow to the ETF market dried up amid Bitcoin’s price correction over the past few weeks.  

For instance, after Bitcoin crashed to $56,555 on May 1, these ETF issuers saw a staggering outflow of $564 million the following day. Essentially, institutional investors adopted a cautious approach in their investment towards Bitcoin products amid the market dips.

Meanwhile, in the last 24 hours, Bitcoin reclaimed the $63,500 threshold. Interestingly a renewed interest in Bitcoin ETFs emerged as the U.S. ETFs saw an inflow of $343 million after multiple consecutive days of outflows.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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