Bitcoin Spot ETFs Break 7-Day Outflows Trend with $31M in Net Inflows
Bitcoin spot exchange-traded funds (ETFs) in the United States saw a positive shift on Tuesday as they attracted a total net inflow of $31 million. This marks a significant change from the previous seven days of net outflows observed in the 11 Bitcoin spot ETFs, according to data from SoSoValue.
Leading the net inflows on Tuesday was Fidelity’s FBTC with $49 million, followed by Bitwise’s BITB with $15 million. VanEck’s HODL also saw net inflows of $4 million. However, Grayscale’s GBTC experienced net outflows of $30.3 million, while Ark Invest and 21Shares’ ARKB reported $6 million in net outflows.
BlackRock’s IBIT, the largest spot bitcoin fund in terms of net asset value, recorded zero flows but had a substantial daily trade volume of $1.1 billion on Tuesday. Other funds from Invesco, Galaxy Digital, Valkyrie, and Franklin Templeton also reported zero flows.
Since their debut in January, the 11 spot bitcoin funds have accumulated a total net inflow of $14.42 billion as of Tuesday, indicating strong investor interest despite the recent outflow trend.
In other news, the German government has started selling off its confiscated Bitcoin assets, which were seized from the movie piracy website Movie2k.to in 2020. These assets, worth approximately $3 billion, have already seen $325 million worth of Bitcoin sold last week, with the possibility of further sales in the future. Additionally, the impending distribution of Bitcoin owed to former customers of the now-defunct cryptocurrency exchange Mt. Gox could impact the market, with up to 140,000 BTC potentially entering the market, valued at up to $9 billion.
Meanwhile, digital asset investment products as a whole experienced a second consecutive week of outflows, totaling $584 million. This trend is believed to be influenced by investor pessimism regarding potential interest rate cuts by the Federal Reserve. Last week also saw the lowest trading volumes on ETPs globally since the launch of U.S. ETFs in January, with a total of just $6.9 billion traded throughout the week.