The US Bitcoin Spot ETFs have seen a resurgence in market inflows after a period of significant withdrawals during a deep price correction. Last week’s positive netflows mark the first in six trading weeks, with five consecutive weeks of net outflows totaling $3.8 billion. Interestingly, the increase in ETF inflows seems independent of Bitcoin’s volatile price movements, suggesting that institutional investors may be positioning themselves for a potential market recovery.
Bitcoin Spot ETFs Finish February Negatively Despite Late Surge
According to SoSoValue data, investors added over $787.31 million to Bitcoin Spot ETFs between February 23 and 27, ending the tumultuous trading month on a positive note. Despite this late surge, February still saw total net outflows of $206.52 million, marking the fourth consecutive month of negative performance.
During the last trading week, BlackRock’s IBIT recorded a significant net deposit of $502.99 million, contributing to the overall bullish activity. BlackRock now leads the market with total cumulative net inflows of $61.81 billion over 28 trading months. Grayscale’s GBTC followed with total inflows of around $89.43 million, holding the third-largest Bitcoin Spot ETF position with net assets of $10.29 billion.
Bitwise’s BITB also showed a strong performance with net inflows of $68.30 million, marking its first positive week in three. Other ETFs like Fidelity’s FBTC, Grayscale’s BTC, Ark Invest/21 Shares, and VanEck’s HODL also experienced significant net deposits ranging from $19 million to $34 million. On the flip side, Invesco’s BTCO and Franklin Templeton’s EZBC saw minimal net inflows of $2 million to $3 million, while Hashdex’s DEFI, WisdomTree’s BTCW, and Valkyrie’s BRRR reported zero netflows.
As of now, total cumulative netflows for Bitcoin Spot ETFs stand at $54.80 billion, with total net assets valued at $83.40 billion, equivalent to 6.36% of the Bitcoin market cap. Bitcoin’s current price is $66,504.55, reflecting a 3.82% gain in the last day.
Ethereum Spot ETFs See First Positive Performance In 6 Weeks
Similar to Bitcoin, Ethereum Spot ETFs also saw a turnaround in investor activity last week. SoSoValue data indicates these investment funds recorded a total netflow of $80.46 million, ending a five-week negative streak that began in mid-January. Total cumulative inflows for Ethereum ETFs now reach $11.60 billion, with net assets estimated at $10.96 billion.
Image source: Finst, chart from Tradingview
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