For the first time in nearly a month, U.S. Bitcoin exchange-traded funds (ETFs) recorded back-to-back net inflows, ending a streak of redemptions that dated back to mid-January.
According to SoSo value data, the shift in consecutive inflows began on Friday with $471.1 million in fresh capital, followed by $144.9 million on Monday. This comes as bitcoin rebounded from Thursday’s low of $60,000 to around $70,000.
In mid-January, bitcoin peaked at nearly $98,000 after a two-week rally that started at $87,000. The subsequent sell-off to $60,000 saw investors withdraw millions from these ETFs in cash.
Generally speaking, investors still appear confident about the long-term prospects of cryptocurrency, as evidenced by the resilience of assets under management (AUM) of spot ETFs.
According to Checkonchain, the cumulative assets of the 11 funds have only decreased by around 7% since the beginning of October, from 1.37 million BTC to 1.29 million BTC. Bitcoin, meanwhile, is down more than 40% since hitting an all-time high above 126,000 in October.
