Despite a downturn in the broader crypto market, U.S. spot Bitcoin exchange-traded funds (ETFs) recorded significant inflows on Friday, with investors pouring in $92 million. The week’s total inflows reached nearly $400 million, according to data from SoSoValue.
Leading the pack was Fidelity’s FBTC fund, which attracted $26.12 million, followed by the joint fund from Ark Invest and 21Shares, ARKB, with $21.99 million. Bitwise’s BITB fund saw inflows of $15.08 million, and Grayscale’s Bitcoin Mini Trust added $13.37 million. Other ETFs, including those from VanEck, Valkyrie, and Invesco, also reported positive inflows, though smaller in scale.
Remarkably, none of the seven Bitcoin ETFs saw any outflows on Friday, and five, including BlackRock’s IBIT, recorded no trading activity. Combined, the daily trading volume for U.S. Bitcoin ETFs reached $980.59 million, while total net inflows since their January launch have amounted to $17.69 billion.
The surge in investment comes amid a challenging market environment, underscoring investor confidence in Bitcoin’s long-term potential. The SEC recently approved options for BlackRock’s IBIT ETF, with trading set to begin on the Nasdaq soon.
In contrast, U.S. spot Ether ETFs have faced difficulties, recording $2.87 million in inflows on Friday but still struggling with total net outflows of $615.58 million since their launch in July.
Bitcoin’s price surged past $63,000 last week following the Federal Reserve’s decision to cut interest rates by 50 basis points, sparking optimism for the digital asset’s performance in a low-rate environment. Crypto strategist Matt Mena of 21Shares commented that, while the rate cut may cause short-term volatility, it could also fuel a strong rally as investors chase higher returns.
The crypto market’s overall performance saw a positive turnaround last week, with digital asset investment products recording $436 million in inflows after an extended period of outflows.
