Outside Source
Spot Bitcoin ETFs have witnessed a recovery this week as the crypto market rebounds, accruing inflows worth $418 million on March 26.
Data from investment management firm Farside Investors confirms that the ETF market is leveraging the latest Bitcoin (BTC) resurgence. Notably, the $418 million inflows represent the highest amount of capital flows into these products since March 13.
Individual performances show the Fidelity Wise Origin Bitcoin (FBTC) outperformed BlackRock’s iShares Bitcoin Trust (IBIT) for the second consecutive day this week, having attracted the highest inflow on March 26, amounting to $279.1 million.
Meanwhile, IBIT followed closely with $162.2 million in inflows. Besides the Grayscale Bitcoin Trust (GBTC) and the WisdomTree Bitcoin Fund (BTCW), other ETF products recorded positive flows. While GBTC saw its regular trend of outflows, totaling $212.3 million, BTCW traded flat.
Significantly, Ark 21Shares Bitcoin ETF (ARKB) witnessed the biggest comeback story, having seen an increase from $0 on March 25 to $73 million inflows on March 26. This figure marked its second-largest inflow this month.
The latest figures bring the total cumulative inflows to these investment products since Jan. 11 to $11.7 billion, resulting in 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 previous week of consistent outflows. Notably, throughout last week, the spot Bitcoin ETF market saw funds flow out of it, totaling $887.6 million, as the crypto market’s retracement heated up.
Spot Bitcoin ETFs recorded five consecutive days of outflows for the first time since they began trading, with $362.2 million in negative flows on March 19 marking the single largest intraday outflow witnessed by these products.
The outflows were due to a confluence of reduced inflows in the other nine products and sustained outflows from GBTC, which has lost $14.36 billion since Grayscale transformed it to an ETF on Jan. 11. As the crypto market embarks on a recovery, investor interest in the spot Bitcoin ETFs has resurfaced.
Bitcoin now looks to sustain the recovery push, battling the bears to retain the $70,000 price territory. Since dropping to $62,260 on March 22, the leading crypto asset has continued to record higher lows, closing March 26 at $69,988. BTC now trades for $69,788, with a 0.27% drop this morning.
This article first appeared at crypto.news
