Bitcoin ETFs break outflow streak with $15.7m net inflow
Bitcoin ETFs saw a total net inflow of $15.7 million on Monday, reversing a five-day streak of net outflows.
According to data from SoSo Value, Fidelity’s Bitcoin ETF (FBTC) led the charge with an impressive net inflow of approximately $261 million in a single day. Following FBTC, BlackRock’s Bitcoin ETF (IBIT) also saw a substantial net inflow of about $35.4 million. The figures starkly contrast with the Grayscale Bitcoin Trust (GBTC), which experienced a significant net outflow of $350 million on the same day.
The turnaround comes after a challenging week for Bitcoin ETFs, which saw over $885 million in net outflows. The impact of the net inflow was visible on Bitcoin’s market performance, as the most prominent cryptocurrency reached $71,000 again yesterday. BTC’s daily trading volume also increased 26%.
The success of U.S. spot Bitcoin ETFs is also influencing other countries to explore institutional exposure to Bitcoin. The London Stock Exchange announced plans to list Bitcoin and Ethereum exchange-traded notes (ETNs) starting May 28, with applications opening in April.
The prospects of other crypto-based investment vehicles are also increasing, as Grayscale CLO predicted the launch of Ethereum ETFs by May.
