Bitcoin ETFs See $475 Million Inflow, Ending Four-Day Outflow Streak
The US spot Bitcoin ETF market rebounded on Thursday with an inflow of $475.15 million, ending a four-day outflow streak. This increase aligns with renewed institutional interest, highlighted by KULR Technology Group's announcement of its Bitcoin treasury strategy. Bitcoin is currently trading below the psychological $100,000 mark.
Fidelity’s FBTC contributed $254.37 million to the total inflow, followed by ARK & 21Shares’ ARKB at $186.94 million and BlackRock’s IBIT at $56.51 million. Grayscale’s Bitcoin Mini Trust (BTC) and VanEck’s HODL recorded smaller inflows of $7.19 million and $2.70 million, respectively.
Conversely, Grayscale’s GBTC experienced outflows of $24.23 million, and Bitwise’s BITB lost $8.32 million. Five other ETFs reported no inflows, according to data from SoSoValue.
KULR Technology Group purchased 217.18 Bitcoin for $21 million, marking its entry into Bitcoin treasury holdings, a strategy adopted by companies like MicroStrategy. Additionally, Bitwise has filed for a new ETF, the “Bitwise Bitcoin Standard Corporations ETF,” focused on investing in companies holding over 1,000 Bitcoin.
ETF Store President Nate Geraci noted the trend of corporations adopting Bitcoin as a reserve asset, stating that “the BTC treasury operations virus is spreading.” Bitcoin ETFs previously recorded a 15-day positive streak this month, suggesting recent negative trends may be temporary. Since their launch in January, these funds have accumulated $35.96 billion in net inflows.
Spot Ethereum ETFs also saw positive flows of $117.09 million on Thursday.
Bitcoin Battles for $100K
Bitcoin's price volatility remains significant, trading at $95,600, down 2.35% over the last 24 hours. This represents a decline from its December 17 peak of $108,268. The cryptocurrency attempted to surpass the $100,000 mark but faced rejection. Its market cap, which recently exceeded $2 trillion, is now approximately $1.88 trillion amid ongoing bearish sentiment.
The broader cryptocurrency market has experienced a 1.08% drop in market cap, currently around $3.32 trillion. Companies like MicroStrategy and Metaplanet are continuing to accumulate Bitcoin during this dip.
Despite challenges, some technical indicators suggest potential recovery. CryptoQuant contributor Burrakesmeci observed a bullish trend in Binance's Bitcoin Taker Buy Volume since late October, indicating rising investor interest and buying pressure.