In a boost to the crypto market, recent data showed that spot Bitcoin ETFs recorded a substantial $218 million inflow, effectively breaking a three-day outflow streak. The latest data on spot Bitcoin ETF inflows serves as a significant indicator of shifting investor sentiment and a much-needed boost to the morale of investors who have adopted a cautious approach amidst the market’s recent downturn.
Despite starting the week at $87,000, Bitcoin’s value experienced a slight decline and remained subdued throughout the week. However, in a brief moment of resurgence earlier today, the crypto asset nearly reached $88,000 before succumbing to downward pressure, currently exchanging hands at $81,000 according to data on CoinMarketCap.
Bitcoin ETF Halts Three-Day Outflow Run With Fresh Inflows
The recent $218 million inflow into the Bitcoin ETF market represents a notable reversal, coming right after records of outflows for three straight days. The preceding outflows were substantial, with daily records showing $93 million, $60 million, and $157 million in outflows.
The $218 million inflow into Bitcoin ETFs was driven by several key contributors. Leading the pack was ARK 21Shares ARKB, which contributed a substantial $130 million, closely followed by Fidelity Wise Origin Bitcoin Fund (FBTC) with $118 million. Other notable players included Grayscale Bitcoin Trust (GBTC) with $34 million, Bitwise Bitcoin ETF (BITB) with $33 million, Franklin EZBC with $10 million, and VanEck HODL with $7 million.
Most of these inflows, however, were offset by outflows from BlackRock’s IBIT. The fund saw a whopping $115.4 million in outflows.
The resurgence of interest in Bitcoin ETFs may indicate a growing confidence among investors in the crypto market, including institutional buyers.
Institutional Appetite for Bitcoin Grows
Over the past few days, institutional investors have significantly ramped up their Bitcoin purchases. On Wednesday, popular American video game retailer, GameStop Corporation, raised $1.5 billion to invest in Bitcoin. The gaming company made the move a week after it joined the likes of Strategy, Semler Scientific, and others to adopt a strategic Bitcoin reserve.
In another development, marking a pioneering move in the Indian corporate landscape, Jetking Infotrain, an IT education company based in Mumbai, revealed plans to raise $825,000 to expand its investment in Bitcoin and other digital assets. The company also plans to roll out new courses on Bitcoin, blockchain, and cryptocurrency to foster greater awareness and expertise in the sector.
