Bitcoin ETFs revived this week with consecutive inflows over the past 4 days, despite the BTC price correction in the market.
According to data from the Soso Value platform, the new Bitcoin spot ETFs listed in the United States recorded entries for 4 consecutive days this week, recovering from the net outflows experienced between the 17th and 21st of this month.
From March 25 to date, Bitcoin spot ETFs have recorded Tickets worth $860 million, the platform shows. With these inflows, Bitcoin ETFs have reached $59.120 billion in total net assets under management, as of this writing.
Source: SoSo Value
While outflows from Grayscale Investments’ ETF, the Grayscale Bitcoin Trust (GBTC), continue, the exchange-traded fund still holds a significant amount of bitcoins under management, totaling 335.135 BTC, which is valued at over $23.000 billion at the cryptocurrency’s current market price.
On the other hand, the ETF launched by BlackRock, the iShares Bitcoin Trust (IBIT), remains the leading exchange-traded fund among the 10 new funds that were approved in the US market. IBIT currently holds more than 250.000 BTC, valued at around $17.500 billion.
In the last week, the flows of Net inflows into IBIT amounted to $95,12 million, which highlights the current preference of investors for this investment vehicle.
Nearly 2,5% of the total Bitcoin supply is held in the new spot ETFs
New Bitcoin ETFs launched in the US market have accumulated over 500.000 BTC in assets under management at a record pace, exposing the voracious appetite of investors interested in the cryptocurrency.
With the recent addition of bitcoins in reserve, the new 10 U.S. spot ETFs now hold nearly 2,5% of the cryptocurrency's total supply of 21 million units. Together with the bitcoins held in reserve by Grayscale Investments' exchange-traded fund, these ETFs hold 4,04% of the total BTC supply.
Source: Bitcoin Treasuries
Recent data shows that despite negative outflows on GBTC, investors remain optimistic about the cryptocurrency market.
Also, as the crypto market recovers from the correction seen last week and the arrival of the fourth halving of the Bitcoin network approaches, the price of BTC has stabilized near $70.000, registering an increase of almost 10% in the last 7 days.
At press time, Bitcoin is trading at around $69.800 per unit.
Continue reading: A new Bitcoin spot ETF begins trading on the US market
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