Spot Bitcoin ETFs have finally returned to positive territory after five consecutive weeks of capital withdrawals. The data on flow shows that investor demand has been strong in the last week, but it was not sufficient to repair all the damage done in the first half of February.
Investors Invest $787 Million in Spot Bitcoin Exchange Traded Funds
The following is a list of data from SoSoValue, The net flows of the Spot Bitcoin Exchange Traded Funds totaled $787.31 millions during the past week. This was the first positive weekly figure after five weeks in a row. Three consecutive positive days on Tuesdays, Wednesdays, and Thursdays helped to tip the balance into positive territory.
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Investors who are ETFs and institutional have stepped back in Bitcoin last week, according to the numbers from this week. after an extended period of Consecutive outflows. Although the weekly net flow ended up in red, due to large withdrawals made earlier in February, the monthly total still ended with a negative result. In the end, February ended with a net outflow from Spot Bitcoin-related ETFs of $206.52 Million.
Spot Bitcoin Weekly Netflows. Source: SoSoValue
Nate Geraci, a crypto expert on social media platform X, also noted the resilience of ETF investors. He said that Spot Bitcoin investors have maintained their confidence during the recent Bitcoin slumps.
Geraci’s remarks described the recent withdrawals As modest when viewed in the context of asset classes’ overall growth. He noted that, since Bitcoin hit its all-time high early in October 2017, Spot Bitcoin Exchange Traded Funds (ETFs), have had net outflows of about $6.55 billion.
He also pointed out that the amount is relatively small in comparison to $55 billion that the funds have attracted The launch of the new system is scheduled for January 2024. The over $1 billion of inflows between Tuesday and Thursday is also an example. how quickly sentiment can change.
Watch Ethereum ETFs as They Follow the Recovery
This rebound wasn’t limited to Bitcoin funds. Midweek saw a surge in interest for spot Ethereum ETFs, ending a streak of six consecutive weeks where investors had been fleeing the funds.
Spot Ethereum-related ETFs ended the week with an inflow net of $80.46 Million. The inflow, although smaller than Bitcoin’s numbers, is the first time that sentiment towards crypto ETFs has stabilized.
Spot Ethereum Weekly Netflows. Source: SoSoValue
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The inflows of both Bitcoin and Ethereum into ETFs may indicate that there is renewed institutional interest after several weeks’ withdrawals. It will be interesting to see if this marks the start of a sustainable recovery or is just a relief surge. depend on broader market conditions What are the current geopolitical conflicts? resolve in the weeks ahead.
Chart by TradingView. Image from Unsplash.
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Source: www.newsbtc.com
