Bitcoin listed in the US The ETFs raised $221.7 million on Thursday, their biggest inflow in two months, according to SoSoValue.
Fidelity’s FBTC led the charge with a hefty inflow of $165.96 million, followed by ARKB with $91.84 million and HODL with $4.35 million. BlackRock’s IBIT, the world’s largest Bitcoin ETF, was the outlier with an outflow of $40.43 million.
The cumulative inflow ends a painful 10-day outflow streak in which investors withdrew $2.73 billion from funds. Even so, the outlook so far this year remains ugly: net capital outflows continue to stand at a considerable $5.4 billion.
So Thursday’s bounce is a drop in the bucket compared to the sales we’ve seen this year. Still, it’s a welcome sigh of relief for bulls. At the very least, it helps validate bitcoin’s rebound to around $61,700 after hitting 21-month lows below $58,000 earlier this week.
However, for a real recovery, these inflows must become a consistent trend. Historically, the constant flow of money into Bitcoin ETFs has been a hallmark of bull runs.
