Bitcoin ETFs See $197M Inflow, Ending 8-Week Outflow Streak

Bitcoin exchange-traded funds (ETFs) recorded a net inflow of $197 million for the week ending June 21, 2024, breaking a streak of eight consecutive weeks of outflows. This marks a significant shift in institutional investor sentiment towards Bitcoin-backed investment products.

Prior to this inflow, Bitcoin ETFs had experienced outflows totaling $1.9 billion over the preceding eight weeks. The Grayscale Bitcoin Trust (GBTC) continued to see outflows, reporting $39.5 million in redemptions during the week. However, this was more than offset by inflows into other Bitcoin ETFs.

Fidelity’s FBTC led the inflows with $76 million, followed by BlackRock’s IBIT which attracted $64 million. Other notable inflows included Ark Invest and 21Shares' ARKB with $28 million and VanEck’s HODL with $14 million. These inflows suggest a renewed, albeit cautious, interest from institutional investors.

Despite the positive inflow, analysts remain reserved about declaring a full recovery in institutional demand. The total assets under management (AUM) for Bitcoin ETFs now stand at approximately $52.5 billion. The market is closely watching whether this inflow represents a sustained trend or a temporary correction.