For the first time in nearly a month, US bitcoin exchange-traded funds (ETFs) recorded back-to-back net inflows, snapping a redemption streak that stretched back to mid-January.
According to SoSo value data, the consecutive inflow shift began on Friday with $471.1 million in fresh capital, followed by $144.9 million on Monday. This comes as bitcoin rebounded from Thursday’s lows of $60,000 to around $70,000.
In mid-January, bitcoin peaked near $98,000 after a two-week rally that started at $87,000. The subsequent selloff at $60,000 prompted investors to move millions out of these spot ETFs.
By and large, investors still seem to have confidence in the cryptocurrency’s long-term prospects, as evidenced by spot ETFs’ resilient assets under management (AUM).
According to Checkonchain, the cumulative AUM of the 11 funds has only decreased by about 7% since the beginning of October, falling from 1.37 million BTC to 1.29 million BTC. Bitcoin, meanwhile, has fallen over 40% since hitting a record high of over 126,000 in October.
