The US-based Bitcoin ETFs (exchange-traded funds) have been on a negative streak of capital outflows prior to now few weeks, reflecting dwindling appetite and worsening sentiment amongst investors. Nonetheless, the most recent day by day performances of those crypto-based financial products suggest that fresh demand may be growing amongst investors.
Bitcoin ETFs Close Positive Week With $83 Million Net Inflow
In accordance with the latest market data, the Bitcoin ETFs in america continued their hot streak of capital influx, registering a day by day total net inflow of $83.09 million on Friday, March 21. This fresh capital inflow marked the sixth consecutive day of net day by day inflows for the crypto products.
On Friday, only two of the Bitcoin ETFs witnessed any type of investor activity. BlackRock saw the very best amount of value ($104.99 million) added to its exchange-traded fund iShares Bitcoin Trust (with the ticker IBIT); while Grayscale Bitcoin Trust (GBTC) posted a day by day net outflow of $21.9 million to shut the week.
Nevertheless, this $83.09 million performance brought the Bitcoin ETFs’ weekly record to a staggering $744.35 million weekly total net inflow. Interestingly, this previous week’s record put an end to 5 consecutive weeks of total net outflows from the exchange-traded funds.
Source: SoSoValue
Data from SoSoValue shows that the US Bitcoin ETF market witnessed a complete withdrawal of $5.39 billion over those five weeks of negative outflows. Specifically, the crypto-based financial products witnessed a day by day total net outflow of over $1.14 billion on February 25.
The magnitude of outflows witnessed by the Bitcoin ETFs has been related to the uncertain climate of the US financial markets. For the reason that United States President Donald Trump resumed office, the markets have been plagued with fears of a worldwide trade war, rate of interest decisions, and so forth.
Bitcoin Price Unreactive To ETF Inflows
Since their launch, there was a discussion across the impact of US Bitcoin ETFs’ performance on the price of the flagship cryptocurrency. As seen within the recent consecutive weeks of net outflows, the Bitcoin price tends to struggle every time ETF investors are leaving the market.
Nonetheless, the premier cryptocurrency seems stuck in a consolidation range despite the fresh demand for the US Bitcoin ETFs. Nonetheless, a sustained demand for its exchange-traded funds may be the positive catalyst for the Bitcoin price to resume its upward trend.
As of this writing, the worth of BTC is hovering across the $84,000 mark, reflecting no significant change prior to now 24 hours. In accordance with data from CoinGecko, the market leader has barely recorded any notable movements prior to now week.
The worth of BTC on the day by day timeframe | Source: BTCUSDT chart on TradingView
Featured image from Shutterstock, chart from TradingView
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