The US-based spot Bitcoin ETFs (exchange-traded funds) commenced the week on a downturn, halting a consecutive seven-day influx of $4.7 billion. The cryptocurrency investment vehicles experienced nearly $460 million in value withdrawals on Monday, January 27.
Nonetheless, the Bitcoin ETFs seem to be staging a robust recovery, concluding the week with hundreds of millions of dollars in new capital inflows. The revival in institutional appetite occurs amidst an unpredictable market environment, reflecting rekindled investor optimism in Bitcoin.
Bitcoin ETFs Initiate New $1 Billion 4-Day Inflow Sequence
The most recent market information reveals that the US-based spot Bitcoin ETF sector saw a net capital inflow of $318 million on Friday, January 31. This represented the fourth consecutive day that the cryptocurrency investment products enjoyed a net capital inflow following the substantial withdrawals from the previous Monday.
BlackRock’s iShares Bitcoin Trust (with the ticker IBIT) experienced the largest net influx, attracting an impressive $363.83 million on Friday. After a period of stagnation in previous weeks, the trillion-dollar asset manager’s fund appears to be gaining momentum once more.
ARK 21Shares Bitcoin ETF (with the ticker ARKB) ranked second, recording a daily net inflow of $35.5 million on Friday. VanEck’s Bitcoin exchange-traded fund (HODL) was the only other fund to show positive inflows, registering $5.76 million to wrap up the week.
Bitwise Bitcoin ETF (BITB) was among the two exchange-traded funds that recorded a net withdrawal on Friday, experiencing $56.03 million in capital outflows. This fund has faced challenges in delivering a steady positive performance since the start of the year, managing only seven inflow days in January. Grayscale’s GBTC likewise faced outflows totaling $30.59 million.
Source: SoSoValue
Regardless, this $318 million single-day achievement elevated the US-based Bitcoin ETFs’ weekly total to $556 million. Although this amount pales in comparison to the recent performances of the exchange-traded funds, it successfully initiated another sequence of positive inflows.
Ethereum ETFs Experience Positive Inflows Once Again
Similar to the spot Bitcoin ETFs, the US-based Ethereum ETF sector likewise observed significant inflows to conclude the week. This marked a complete reversal for the ETH exchange-traded funds, which have faced difficulties in recent weeks.
The spot Ethereum ETFs ended the week with a net inflow of $27.78 despite Grayscale Ethereum Trust (ETHE) reporting a notable outflow of $31.92 million. Unsurprisingly, BlackRock’s ETHE ETF led the way with a robust inflow of $57.27 million on Friday.
VanEck’s ETHV exchange-traded fund also experienced an inflow of $2.43 million. However, this favorable performance was insufficient to prevent the Ethereum funds from a weekly outflow of $45.5 million.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
