Bitcoin ETFs Offload Four-Day Decline with $91.5M Inflows

U.S. spot Bitcoin exchange-traded funds (ETFs) saw a return to net inflows on Wednesday after enduring four consecutive days of outflows. According to data from SoSoValue, these ETFs recorded $91.5 million in daily net inflows yesterday. BlackRock's IBIT led the pack with $42 million, followed closely by Bitwise's BITB with $26.35 million. Grayscale's GBTC added another $14.5 million worth of net inflows, while funds from Fidelity and VanEck also experienced positive flows. However, these gains were somewhat offset by net outflows of $5.37 million from Ark & 21Shares' ARKB. This uptick comes after the ETFs had faced substantial outflows amounting to $1.45 billion over the preceding four trading days. According to LVRG Director Nick Ruck, "The return to net inflows for spot Bitcoin ETFs suggests renewed investor confidence, signaling that Bitcoin's recent consolidation may be attracting buyers at current levels." Ruck noted that ETF flows are a critical indicator of institutional sentiment, which currently weighs various factors including Federal Reserve policy against overall risk appetite, and balances short-term volatility with long-term adoption trends. Currently, Bitcoin, the world’s largest cryptocurrency, has been trading in a relatively quiet range of $140,000 to $150,000, influenced by profit-taking in response to weaker-than-expected U.S. macroeconomic data. As per The Block's bitcoin price page, Bitcoin has marginally increased by 0.91% to $114,551 in the 24 hours leading up to Thursday at 12:05 a.m. In related news, spot ether ETFs recorded net inflows of $35.12 million on Wednesday. BlackRock's ETHA reported $33.39 million, while Grayscale's ETHE saw inflows of $10 million. However, Grayscale's Mini Ethereum Trust experienced $8.67 million in net outflows. Spot Ethereum ETFs also returned to net inflows on Tuesday after a brief two-day outflow streak that saw $617 million exit from the nine funds. Disclaimer: The Block is an independent media outlet that provides news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in various companies in the crypto space. The crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block operates independently to deliver objective, impactful, and timely industry information.