The US spot Bitcoin ETF market has experienced a significant turnaround recently, following a challenging period. After seven consecutive days of net outflows, the market saw a reversal on Tuesday, with a collective net inflow of $31 million, indicating renewed investor interest in Bitcoin amidst fluctuating market conditions.
Leading the resurgence is Fidelity’s FBTC, which accounted for $49 million in net inflows. Bitwise’s BITB also performed well, garnering $15 million. VanEck’s HODL added another $4 million to the influx. These inflows suggest a shift in sentiment and potential confidence among institutional and retail investors in the stability and growth potential of Bitcoin.
However, not all funds experienced positive inflows. Grayscale’s GBTC saw substantial outflows of $30.3 million, while Ark Invest and 21Shares’ ARKB experienced a decline with $6 million flowing out.
Interestingly, BlackRock’s IBIT, despite having the largest net asset value among spot bitcoin funds, had no new inflows or outflows, indicating a wait-and-see approach among some investors, possibly waiting for clearer market signals or regulatory news.
Other funds managed by Invesco, Galaxy Digital, Valkyrie, and Franklin Templeton reported zero flows, highlighting a day of mixed fortunes. Since their debut in January, the 11 spot bitcoin funds have accumulated a total net inflow of $14.42 billion. This figure not only signifies the growing acceptance and legitimacy of cryptocurrencies in mainstream finance but also emphasizes the volatility and rapid changes that can occur in this dynamic market.