Spot Bitcoin ETFs traded in the US have seen strong inflows again after weeks of outflows. According to SoSoValue data, a net $221.7 million entered the funds on Thursday. Thus, the net outflow series, which lasted for 10 trading days and totaled more than 2.7 billion dollars, ended.
Debut streak broken after 10 days
The latest recovery follows one of the weakest periods of the year for US spot Bitcoin ETFs. These funds recorded a total net outflow of 4.5 billion dollars in June. This figure stood out as one of the sharpest monthly weakenings in the year.
The change in ETF flows coincided with the Bitcoin price briefly falling below $59,000 and then again exceeding the $61,000 level. Some investors in the market consider that this movement may indicate that the bottom zone is approaching.
Bitwise Investment Director Matt Hougan pointed out that the market may be approaching bottom levels.
However, risk appetite has not fully recovered. The Fear and Greed Index calculated by Alternative.me showed market sentiment in the “extreme fear” zone on Friday. This index is among the common indicators that measure investor sentiment in the crypto market.
Fidelity was the pioneer of recovery
According to data from Farside Investors, most of Thursday’s inflows were concentrated in Fidelity’s Wise Origin Bitcoin Fund. The fund, traded under the ticker FBTC, attracted net inflows of $166 million, accounting for nearly three-quarters of the day’s total. Farside Investors is known as a data platform that regularly tracks ETF flows.
ARK 21Shares Bitcoin ETF followed Fidelity with $91.8 million inflow. There was a net inflow of $4.4 million into the VanEck Bitcoin ETF and $1.7 million into the Valkyrie Bitcoin Fund.
| Fund | net flow |
|---|---|
| Fidelity FBTC | +$166 million |
| ARKB | +$91.8 million |
| VanEck HODL | +$4.4 million |
| Valkyrie BRRR | +$1.7 million |
| BlackRock IBIT | -$40.4 million |
On the other hand, the dissolution in BlackRock’s iShares Bitcoin Trust fund continued. IBIT, the largest U.S. spot Bitcoin ETF in terms of asset size, recorded a net outflow of $40.4 million on Thursday. The fund lost a total of over $2.2 billion in the 11-session exit period since June 17.
Inflows also spread to altcoin funds
The partial recovery in investor interest was not limited to Bitcoin funds. US spot Ether ETFs received $29.1 million in net inflows on Thursday. The previous day, this figure was at 14.9 million dollars. XRP ETFs also turned positive again after two consecutive sessions of outflows and saw an inflow of $6.6 million.
While US spot Ether ETFs recorded net inflows for two consecutive days, XRP ETFs also turned positive again after two sessions of outflows.
According to CoinGecko data, the total value of the global cryptocurrency market increased by 2.4 percent in the last 24 hours, reaching 2.22 trillion dollars. The fact that Bitcoin rose above 61 thousand dollars in the same time period indicated that the pressure in the overall market had eased somewhat with the recovery on the ETF side.
