Bitcoin exchange-traded funds (ETFs) are showing signs of recovery, indicating that risk appetite is returning after the record crash in the crypto market at the beginning of October.
According to data from Farside Investors, U.S. spot Bitcoin ETFs recorded a cumulative net inflow of $524 million on Tuesday, the highest single-day level since October 7.
This $524 million inflow is the highest cumulative inflow since the record crash in the crypto market on October 10, providing a strong boost to the confidence of crypto investors.
The positive daily inflow is a welcome sign for Bitcoin (BTC) holders, as according to Ki Young Ju, founder and CEO of CryptoQuant, ETFs and Michael Saylor's strategy are two main tools driving Bitcoin price demand this year.
The increase in demand from ETF buyers occurred the day after the U.S. Senate approved a funding plan that brought Congress closer to ending the government shutdown. According to CBS News on Tuesday, the legislation has now been submitted to the House for a full vote, which may take place later today.
This development has prompted the most successful traders in the industry to reposition for more upside, tracked as "smart money" traders on Nansen's blockchain intelligence platform.
Smart money traders have increased their net long Bitcoin positions by over $8.5 million in the past 24 hours, showing growing optimism. However, according to Nansen's data, smart traders still hold a net short position of $202 million on the decentralized exchange Hyperliquid.
Despite retail investors' concerns about the end of the bull market cycle, Bitcoin's current pullback remains within a "healthy" range, helping to reset leverage and "pave the way for institutional re-entry," said Lacie Zhang, research analyst at Bitget Wallet, to Cointelegraph.
Analysts added that cooling inflation data could alleviate geopolitical concerns and lead to a "liquidity-driven rebound" for the world's largest cryptocurrency.
Meanwhile, the continued inflow into Bitcoin ETFs may indicate that the "de-risking phase" for ETF holders is nearing its end, as demand for digital assets is returning after the crash.
Since the October crash, Bitcoin ETFs have mostly been in a state of loss, with daily outflows reaching up to $700 million, indicating a "broader de-risking phase" among ETF investors, according to a post by crypto data platform Glassnode on Tuesday.
According to Farside Investors data, Ethereum ETFs saw an outflow of $107 million on Tuesday, while Solana ETFs recorded a net inflow of $8 million for the 11th consecutive day.
Related: Gemini's first quarterly report after listing "dampens enthusiasm": net loss of nearly $160 million, stock price hits all-time low.
Original article: “Bitcoin (BTC) ETF Strongly Returns, Single-Day Net Inflow Reaches $524 Million, Setting New High Since Market Crash”
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