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Bitcoin Approaches $44K Amid First ETF Net Inflows in a Week
- Bitcoin ETFs Witness First Net Inflows in a Week
- Bitcoin Price Recovers
- Declining Outflows at GBTC
- Bitcoin ETFs Exceed $1 billion in Net Inflows
Bitcoin ETFs Witness First Net Inflows in a Week
On Monday, the 10 spot Bitcoin$42,260 -0.64% ETFs experienced their inaugural net inflows in seven days, propelling Bitcoin to its highest value since the day following the commencement of the funds' trading. Despite the decelerating yet substantial net outflows at the Grayscale Bitcoin Trust (GBTC), the collective ETF issuers augmented their holdings by more than 4,200 Bitcoin, approximated to be worth about $183 million yesterday.
Daily flows last week consistently exhibited a negative trend, with an estimated 20,000 Bitcoin being withdrawn from the funds from January 23 to January 26. The most recent net inflow day before this was January 22, when the spot funds collectively added slightly over 1,200 Bitcoin.
Bitcoin Price Recovers
Bitcoin's price, which experienced a dip below $39,000 last week as sales surged, elevated to the tune of $43,900 early on Monday. As of the time of reporting, it is trading at around $43,500, marking approximately a 10% increase from the rates recorded a week ago.
Declining Outflows at GBTC
Outflows at GBTC have shown a steadying decrease since the introduction of the ETFs. The fund reported an average of $470 million in withdrawals in the six days following the inception of the spot ETFs' trading. On Monday, this figure reduced to $192 million, as per the data provided by research company BitMEX.
Bitcoin ETFs Exceed $1 billion in Net Inflows
Since the approval on January 10, over the initial 12 trading days, the new ETFs have observed total net inflows exceeding $1 billion, as reported by BitMEX.
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