New York, USA – The Nasdaq-listed spot bitcoin exchange-traded funds (ETFs) saw a significant turnaround on Monday, with inflows totaling $15.4 million after a five-day streak of outflows. This data was revealed by investment firm Farside in their latest report.
Leading the inflows was Fidelity’s FBTC, which attracted $261.8 million, followed closely by BlackRock’s IBIT with $35.5 million. Other funds such as BITB, BTCO, EZBC, and BRRR also received substantial inflows ranging between $11 million and $20 million. However, Grayscale’s ETF (GBTC) experienced outflows, losing over $350 million.
The previous week was challenging for ETFs, with a cumulative outflow of $887.6 million mainly due to significant withdrawals from GBTC. However, the launch of nearly a dozen spot ETFs in the U.S. on Jan. 11 provided investors with new opportunities to invest in bitcoin without the complexities of owning and storing the digital asset directly.
Since the debut of spot ETFs, bitcoin has surged by over 50% to reach $70,750. On Monday, prices saw a modest increase of just over 4%, briefly touching the $71,000 mark. Markus Thielen, founder of 10x Research, highlighted the potential for quarter-end flows to further boost bitcoin’s price to new highs.
Thielen emphasized the importance of increased spot ETF inflows and stablecoin tether (USDT) issuance for bitcoin to make significant upward moves. Tether, being the world’s largest dollar-pegged stablecoin, plays a crucial role as a funding currency in both crypto spot and derivatives markets, impacting the overall market dynamics.
Overall, the recent shift in ETF flows signifies a positive trend in investor sentiment towards bitcoin, with potential impacts on its future price movements. As quarter-end approaches, market observers will be closely monitoring the developments in spot ETF inflows and stablecoin issuance to gauge the cryptocurrency’s next moves.