Yesterday, we saw a slight recovery in Bitcoin price. BTC recovered from the $59,000 levels to reach $62,000 levels. When the Bitcoin price recovers, attention immediately turns to spot Bitcoin ETF figures. When the price drops, there are outflows, and when the price rises, significant inflows occur. Let’s look at the details.
Spot Bitcoin ETFs See $31 Million Inflows
Looking at the figures compiled by SoSoValeu, we see outflows from two ETFs. Accordingly, the largest outflow occurred from Grayscale’s Bitcoin ETF, GBTC. We see an outflow of $30 million.
The second outflow occurred from ArkInvest’s Bitcoin ETF, ARKB. Here, we see an outflow of $6 million. While there are outflows, the increase in Bitcoin price seems to have brought inflows as well.
Spot Bitcoin ETF Inflows
As we mentioned in the previous section, spot Bitcoin ETFs saw an inflow of $31.01 million yesterday, with the largest inflow occurring in Fidelity’s spot Bitcoin ETF, FBTC. Numerically, this ETF led with an inflow of $49 million.
The second-largest inflow occurred in Bitwise’s spot Bitcoin ETF, BITB. Accordingly, with an inflow of $15 million, Bitwise’s ETF has reached a total net asset value of $2 billion. Finally, VanEck’s spot Bitcoin ETF, HODL, saw an inflow of $4 million, bringing the total net asset value to $518 million.
Lastly, there were spot Bitcoin ETFs that ended the day with neither inflows nor outflows. Notably, BlackRock’s zero inflow stood out. With the remaining ETFs also ending the day with zero, the overall ETF market achieved a positive outlook. With yesterday’s figures, we saw the end of the seven-day outflow period in the spot Bitcoin ETF sector.
Bitcoin and Cryptocurrencies
Looking at the general state of the cryptocurrency market, we see that Bitcoin is trading at $61,380 at the time of writing. BTC’s recovery has also brought some recovery for other altcoins. Accordingly, Ethereum’s price, which saw a monthly low of $3,240, reached $3,376 at the time of writing.
The cryptocurrency Binance Coin (BNB) is trading at $574, while Solana’s price is at $136.
