Positive Market Turn: US Bitcoin ETFs See Substantial Inflows After Last Week’s Outflows

U.S. spot bitcoin ETFs experienced two days of positive inflows after a week of consistent outflows. The uptick began on Friday with the ETFs receiving $378.3 million, followed by an additional $217 million on Monday, totaling about $595.3 million in inflows over the two days.

Grayscale’s Bitcoin Trust (GBTC) also saw a reversal of fortune, marking its second day of inflows following 77 consecutive days of outflows starting Jan. 11, 2024. As of May 6, 2024, GBTC held 292,217.67 BTC valued at approximately $18.46 billion. The trust’s rebound began with a $63 million inflow, with a further $4 million added from Monday’s activity.

Collectively, the group of U.S. ETFs logged $1.81 billion in trading volume. Fidelity’s FBTC fund led the pack on Monday with $99 million in positive inflows. Ark Invest’s ARKB captured about $76 million, and Blackrock’s IBIT secured $22 million on Monday. Except for Valkyrie’s BRRR, all the U.S. spot bitcoin ETFs recorded inflows on May 6.

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