The spot Bitcoin exchange-traded fund (ETF) ended a six-day streak of net outflows on Monday, achieving a net inflow of $219 million that day.
The ETF data platform SoSoValue showed that the spot Bitcoin ETF rebounded strongly on Monday, marking a significant shift in market sentiment after experiencing six consecutive trading days of net outflows.
The outflow trend began on August 15 and continued until last Friday, with the largest outflow occurring on August 19, reaching $523.31 million, followed by $311.57 million on Wednesday.
This week's outflow occurred after a correction in the Bitcoin market, which had just reached an all-time high. According to CoinGecko data, Bitcoin hit a historical peak of $124,128 on August 14. Since then, the asset's price has dropped by 11% to $110,186.
Fidelity and BlackRock's ETF products led the market rebound on Monday, contributing most of the net inflow for the day. Fidelity's Wise Origin Bitcoin Fund (FBTC) performed the best, attracting $65.56 million in inflows.
BlackRock's iShares Bitcoin Trust (IBIT) followed closely with $63.38 million in inflows, while ARK Invest's ARK 21Shares Bitcoin ETF (ARKB) attracted $61.21 million.
Other issuers also made smaller but positive contributions to the inflow that day. Bitwise's BITB achieved a net inflow of $15.18 million, while Grayscale's Bitcoin Trust (BTC) and VanEck's HODL Fund recorded net inflows of $7.35 million and $6.32 million, respectively.
CoinShares' research director James Butterfill noted on Monday that the scale of outflows experienced by crypto funds recently was the largest since March. Butterfill analyzed that this round of selling was mainly due to investors' "increasing polarization" regarding U.S. monetary policy.
He stated that the market's pessimistic expectations regarding the Federal Reserve's policy stance led to outflows of up to $2 billion. However, the analyst also pointed out that after Federal Reserve Chairman Jerome Powell delivered a speech widely interpreted as "more dovish than expected," market sentiment underwent a noticeable shift.
After Powell hinted at a possible rate cut in September on Saturday, the crypto market rebounded significantly, with market sentiment returning to the greed zone.
The Crypto Fear and Greed Index (a popular indicator for measuring market sentiment) rose to the "Greed" zone, scoring 60. This indicates that market participants' risk tolerance has increased, and buying confidence has significantly improved.
Related: Is $124,000 the top? Bitcoin (BTC) price peak signals give different answers
Original: “Spot Bitcoin (BTC) ETF Ends Six-Day Net Outflow Trend, Achieves $219 Million Net Inflow”
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