Daily US spot Bitcoin ETF outflows were recorded as $34.4 million today. These outflows are significantly lower than Wednesday’s outflows of over $563 million. Moreover, the latest recovery coincided with the BTC price bouncing back from the last correction, approaching $60,000.
According to Farside UK data, Grayscale Bitcoin Trust (GBTC) maintained its leadership with an outflow of $54.9 million. Thus, outflows from GBTC reached a total of 327,000 BTC since its establishment. Despite widespread negative flows, significant inflows were observed into the Ark 21Shares BTC ETF (ARKB).
ARK bought the decline in Bitcoin price with an entry of $13.3 million, showing continued interest from institutional players. Meanwhile, BlackRock’s IBIT BTC ETF again recorded zero flows, with Fidelity’s FBTC mirroring the move.
However, Valkyrie’s BRRR ETF recorded net inflows of $2.3 million. Franklin Templeton’s EZBC Bitcoin ETF followed ARKB with $3.4 million inflows on Thursday. In addition, Invesco Galaxy’s BTCO ETF recorded an inflow of $1.5 million.
Earlier, BlackRock’s IBIT ETF witnessed its first day of outflows, withdrawing $36.7 million on Wednesday. Additionally, the Fidelity Bitcoin ETF eclipsed GBTC outflows for the first time with negative flows of $191.1 million, while the latter recorded a net outflow of $167.4 million.
Bitcoin Price Recovered Slightly
cryptocurrency The market also witnessed resilience with Bitcoin price rising from $56,500 to $60,000. As we reported as Koinfinans.com, the exit showed underlying support despite concerns. This price recovery reflects continued investor confidence in BTC’s long-term prospects despite short-term volatility. Additionally, Ethereum (ETH) surpassed $3,000 and other altcoins also made notable gains.
Contrary to the upward trend in ETFs, the Hong Kong ETF market painted a different picture. Hong Kong ETFs also noticed an inflow of $248 million. Notably, these ETFs allow in-kind contributions, allowing direct deposits of Bitcoin rather than relying solely on market purchases. This unique feature offers investors flexibility and potentially contributes to the growing popularity of crypto ETFs.
Additionally, news from Europe that BNP Paribas has invested in the BlackRock Bitcoin ETF has boosted investor confidence. Although the bank invested a low amount of $41,684 in IBIT, this signals growing institutional interest and positive exposure to the crypto market.
