The US-listed bitcoin ETFs pulled in $221.7 million on Thursday, their biggest inflow in two months, according to SoSoValue.
Fidelity’s FBTC led the charge with a big inflow of $165.96 million, followed by ARKB at $91.84 million and HODL at $4.35 million. BlackRock’s IBIT, the world’s largest Bitcoin ETF, was the outlier with an outflow of $40.43 million.
The cumulative inflow ends a painful 10-day outflow streak that saw investors pull $2.73 billion from the funds. Still, the year-to-date picture remains grim, with net outflows still at $5.4 billion.
Thursday’s bounce is therefore a drop in the ocean compared to the sales we have seen this year. Still, it’s a welcome sigh of relief for the bulls. At the very least, it helps validate bitcoin’s rebound to around $61,700 after hitting a 21-month low below $58,000 earlier this week.
For a real recovery, however, these inflows must turn into a consistent trend. Historically, steady money flowing into Bitcoin ETFs has been a hallmark of bull runs.
