Spot Bitcoin ETFs Record Stunning $4.7 Billion in Series of Seven-Day Inflows – Details
Bitcoin ETFs (exchange-traded funds) are picking up where they left off in 2024, and are enjoying increased interest from investors in the new year. These positive feelings intensified after the recent inauguration of Donald Trump as President of the United States.
US-based ETFs continued their impressive streak of capital inflows, posting positive inflows of over $500 million in net inflows on Friday, January 24. Unsurprisingly, this positive trend is reflected in the price of the leading cryptocurrency, which rose to stabilize around $105,000 this weekend.
Bitcoin ETFs Record Inflow of $517 Million in One Day
According to Latest market dataU.S.-based Bitcoin ETFs recorded a total net inflow of $517 million on Friday, January 24, marking the seventh straight day that cryptocurrency investment products saw a net capital inflow.
Surprisingly, the Fidelity Wise Origin Bitcoin Fund (with the ticker FBTC) led the pack with an inflow of over $186 million. With strong performance in the past few weeks, the fund has continued to consolidate its position as the second largest Bitcoin ETF.
The ARK 21Shares Bitcoin ETF (with ARKB ticker) came in second place, with total inflows of about $169 million to close the week. Meanwhile, BlackRock’s iShares Bitcoin Trust (with IBIT ticker) followed in third place, adding more than $155 million in value during the day.
Other Bitcoin ETFs with positive one-day performance include Grayscale Bitcoin Mini Trust (BTC) and WisdomTree Bitcoin Trust (BTCW), valued at $13 million and $2.79 million, respectively. Bitwise Bitcoin ETF (BITB) was the only exchange-traded fund to record an outflow on Friday, withdrawing $8.6 million worth.
However, this $517 million single-day performance brought the weekly record for US Bitcoin ETFs to $1.76 billion. Meanwhile, the current string of positive inflows was extended to seven days, with ETFs attracting $4.7 billion in capital during the period.
A Bloomberg ETF expert said in A Share on X:
Spot Bitcoin ETFs are quietly on fire to start the year, with $4.2 billion in flows representing 6% of all ETF flows. Now net $40B+ since launch with $121B in assets and a 127% return. For context, they just surpassed ESG ETFs in assets ($117 billion) and have the same spot price as gold.
Bitcoin price overview
The recent steady capital influx may translate into the Bitcoin price staying afloat despite the recent uncertainty clouding the market. As of this writing, the leading cryptocurrency is valued at around $104,500, reflecting the lack of significant movement over the past 24 hours.
