ETF Products Record First Net Inflow in 5 Days

Major US banks are experiencing a robust demand for spot Bitcoin ETFs, according to BitMEX. 

The net flow from the US spot Bitcoin exchange-traded funds (ETF) products turned positive for the first time in five trading days. Data from BitMEX showed that spot Bitcoin exchange-traded funds (ETFs) saw a net inflow of nearly $16 million (221.2 BTC) on Monday.

During the five consecutive days of outflows, spot Bitcoin exchange-traded funds (ETFs) recorded single-day outflows reaching as high as $326.2 million on March 19.

FBCT Performs, IBIT Struggles, While GBTC Outflow Persists

According to BitMEX, recent activity in Bitcoin exchange-traded funds (ETFs) showed that Fidelity’s FBTC saw the highest single-day net inflow of about $261.8 million (3,689.3 BTC), taking its total Bitcoin stash to $7213 billion (136886 BTC). BlackRock’s IBIT, on the other hand, received a single-day inflow of around $35.5 million, which is its lowest net inflow since the US Securities and Exchange Commission (SEC) approved the ETF in January.

Despite the surge in total inflows experienced by ETFs, this positive momentum was neutralized almost again by substantial outflows from Grayscale’s GBTC. The ETF product offloaded a total of 4,933.7 BTC ($350.1 million), increasing GBTC’s cumulative outflows to 275,059 BTC ($14,150.6 billion). GBTC is still to record a single-day net inflow since the first US ETF trading day.

ETF trading volume also saw an uptick on Monday, almost doubling from $3.1 billion on Friday to $6.1 billion.

Demand for BTC EFTs Surges in US Banks

Major US banks are witnessing a robust demand for Bitcoin (BTC) spot exchange-traded funds (ETFs), as reported by QCP Capital.

The increasing demand for BTC spot ETFs reflects a growing interest among investors in accessing Bitcoin through traditional financial channels. Additionally, asset managers are incorporating BTC allocations into their portfolios for diversification purposes, underscoring cryptocurrencies’ potential as an alternative asset class.

On Monday, Bitcoin’s price rebounded above $70K following the net inflows into ETFs. Currently, BTC is trading up by 5.5% at $70.53K, with a market cap of $1.387 trillion.