- BlackRock’s IBIT exchange-traded fund had inflows of $219 million on Tuesday.
- Bitcoin ETFs are enjoying four straight days of inflows for the first time since January.
- “The market may be nearing a bottom,” James Butterfill of CoinShares told DL News.
US Bitcoin exchange-traded funds defied two months of gloom and notched four consecutive days of inflows.
BlackRock’s IBIT fund leads the pack, pulling in $219 million on Tuesday, single-handedly pushing the entire US spot Bitcoin ETF market into positive territory, according to JPMorgan analysts.
Net inflows for ETFs amounted to $210 million on March 18, while Bitwise added $12 million on March 19.
The four-day streak of positive flows blows fresh air into a beleaguered ETF market.
Since Donald Trump took office — and kicked off his erratic tariff policies — Wall Street funds had shed more than $6 billion, including a 17-day withdrawal streak, according to James Butterfill, head of research at CoinShares.
Total assets under management for US Bitcoin ETFs rose to $95 billion, said JPMorgan analysts.
Bitcoin rose as high as $87,300 today amid a relief rally in the run up to Wednesday’s Federal Reserve meeting that delivered a sombre prediction — there’s high chances of a slower growth and rising inflation in the US.
Bitcoin has since slumped back to just below the $84,000 mark.
‘Perceived weakness’
While BlackRock dominated the inflows this week, not all Bitcoin ETFs shared in the bounty.
ARK Invest’s 21Shares’ fund suffered $9 million in outflows on Tuesday, while Invesco Galaxy’s ETF saw $10 million in sales on March 19.
That said, this week’s inflows signals that the tides might be changing.
On Monday, investors shattered the 17-day streak with $233 million in inflows.
“Investors took advantage of perceived weakness,” Butterfill told DL News. He said there’s been selling in short Bitcoin ETFs, “suggesting that the market may be nearing a bottom.”
Crypto market movers
- Bitcoin is down 1% to $83,731 in the past 24 hours.
- Ethereum is down 4.4% to $1,957.
What we’re reading
Pedro Solimano is a markets correspondent based in Buenos Aires. Got a tip? Email him at psolimano@dlnews.com.
