Spot Bitcoin ETFs have seen a resurgence this week as the cryptocurrency market bounces back, with inflows totaling $418 million on March 26.
Data from investment management firm Farside Investors confirms that the ETF market is capitalizing on the recent recovery in Bitcoin (BTC) prices. Notably, the $418 million inflows represent the highest amount of capital flowing into these products since March 13.
Individual ETF performances indicate that the Fidelity Wise Origin Bitcoin (FBTC) outpaced BlackRock’s iShares Bitcoin Trust (IBIT) for the second consecutive day this week, attracting the highest inflow on March 26, totaling $279.1 million.
Meanwhile, IBIT closely followed with $162.2 million in inflows. In addition to the Grayscale Bitcoin Trust (GBTC) and the WisdomTree Bitcoin Fund (BTCW), other ETF products also recorded positive flows. While GBTC continued its trend of outflows, totaling $212.3 million, BTCW remained stable.
Notably, the Ark 21Shares Bitcoin ETF (ARKB) witnessed a significant turnaround, going from $0 on March 25 to $73 million in inflows on March 26. This marks its second-largest inflow this month.
The latest data brings the total cumulative inflows into these investment products since Jan. 11 to $11.7 billion, resulting in a collective assets under management (AUM) of $58.755 billion at the reporting time.
These inflows mark the second consecutive day of positive capital flows this week after a week of consistent outflows. Throughout last week, the spot Bitcoin ETF market experienced fund outflows totaling $887.6 million as the crypto market retraced.
Spot Bitcoin ETFs recorded five consecutive days of outflows for the first time since their inception, with the single largest intraday outflow of $362.2 million witnessed on March 19.
The outflows were attributed to reduced inflows in other products and sustained outflows from GBTC, which has lost $14.36 billion since its transformation into an ETF on Jan. 11. As the crypto market undergoes a recovery, investor interest in spot Bitcoin ETFs has revived.
Bitcoin now aims to maintain its recovery momentum, battling bearish pressure to hold the $70,000 price level. Since hitting a low of $62,260 on March 22, the leading cryptocurrency has continued to establish higher lows, closing at $69,988 on March 26. BTC is currently trading at $69,788, with a slight 0.27% decline this morning.
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