US spot bitcoin ETFs log third consecutive day of net inflows; ether ETFs extend outflow streak

U.S. spot bitcoin exchange-traded funds saw their third consecutive day of total daily net inflows on Tuesday, while spot ether ETFs reached a record net outflow streak.

According to data from SoSoValue, U.S. spot bitcoin ETFs had a total daily net inflow of $209 million. The three-day net inflows mark their longest positive streak since the beginning of February.

BlackRock's IBIT, the largest spot bitcoin ETF in terms of net assets, led yesterday's net inflows with $218.12 million. This was countered by Ark Invest 21Shares' $9 million net outflows. The other 10 bitcoin ETFs posted zero flows for the day.

U.S. spot bitcoin ETFs' net inflows come after the funds experienced five consecutive net weekly outflows, during which a total of around $5.4 billion moved out. Monday's $274.6 million worth of net inflows was the largest single-day inflow since Feb. 4. The funds have drawn in $483.7 million this week.

BTC Markets' Crypto Analyst Rachael Lucas pointed out earlier this week that quarter-end institutional portfolio rebalancing and bitcoin's price stabilization contributed to the ETFs' shift to net inflows.

Tuesday saw a total trade volume of $2.12 billion across 12 spot bitcoin funds, with the total cumulative net inflow standing at $35.79 billion.

Meanwhile, spot ether ETFs extended their net outflow streak to its tenth day, which is the longest since they debuted in July last year. 

BlackRock's ETHA reported net outflows of $40.17 million, and Grayscale's Mini Ethereum Trust had $9.33 million in negative flows. Fidelity's FETH also saw net outflows of $3.32 million.

The price of bitcoin inched up 0.54% in the past 24 hours to $83,560, while ether gained 1.91% to $1,941, according to The Block's crypto price page .