Bitcoin listed in the United States ETFs brought in $221.7 million on Thursday, their biggest inflow in two months, according to SoSoValue.
Fidelity’s FBTC led the charge with a strong inflow of $165.96 million, followed by ARKB with $91.84 million and HODL with $4.35 million. BlackRock’s IBIT, the world’s largest Bitcoin ETF, was the outlier with an outflow of $40.43 million.
The cumulative inflow ends a painful 10-day outflow streak in which investors withdrew $2.73 billion from funds. Despite this, the balance sheet since the start of the year remains bleak, with net outflows still of the order of $5.4 billion.
Thursday’s rebound is therefore just a drop in the ocean compared to the sales recorded this year. Still, it’s a welcome sigh of relief for the bulls. At the very least, this helps validate bitcoin’s rebound to around $61,700 after hitting a 21-month low below $58,000 earlier this week.
However, for a true recovery, these flows must transform into a coherent trend. Historically, the constant influx of money into Bitcoin ETFs has been the hallmark of bull runs.
