This week saw an incredible reversal, as the Bitcoin U.S. ETFs netted $418 million on Tuesday. It comes after ETFs had experienced five straight days of negative net flows during the Bitcoin drop below $60,000 last week.
NEW: #Bitcoin After five straight days of net outflows, yesterday ETFs recorded a $418-million inflow.
The past is so far away🙌 pic.twitter.com/qfobpZOT5b
— Bitcoin Magazine (@BitcoinMagazine) March 27, 2024
It is clear that institutional investors have gained renewed confidence since they began investing in Bitcoin ETFs following the approval of their first US ETF this past year. After years of denying applications, the SEC now has eleven Bitcoin ETFs approved.
The Wise Origin Bitcoin Trust ETF from Fidelity (FBTC), led the surge on Tuesday. The ETF saw an inflow of $279 million, its largest day-to-day increase since launch.Â
Last week, the bearish mood was reflected in the fact that over $200 million left Bitcoin ETFs when prices were fluctuating amid a general Bitcoin price drop.
With Bitcoin now stabilizing near $70,000, the institutional interest in Bitcoin has returned. BlackRock’s iShares Bitcoin Trust IBIT (also known as the Bitcoin Trust) added $162 million on Tuesday, while Grayscale continued to shed assets. Total assets managed by Bitcoin ETFs total nearly $59 billion.Â
Wall Street has a growing appetite to invest in Bitcoin through regulated vehicles. Bitcoin ETFs pass their first true test, in an environment of volatile markets.
Bitcoin ETFs will be the most popular Bitcoin entry point for institutional funds if they continue to grow despite fluctuations in the markets. They are growing and resiliency reflects Bitcoin’s increasing acceptance by the mainstream.
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Source: bitcoinmagazine.com
