Bitcoin ETFs See $1.1B Weekly Inflows
U.S. spot Bitcoin ETFs saw $1.1 billion in net inflows over three days, marking their biggest week since mid-January despite the broader market volatility. The strong institutional demand comes as XRP trading volume surged 212% and DOGE jumped 8% to reclaim $0.10, signaling renewed crypto appetite.
The recent surge in Bitcoin ETF inflows follows a period of significant redemptions, suggesting renewed institutional confidence. After five straight weeks of net withdrawals totaling $3.8 billion, the trend reversed with two consecutive days of substantial net inflows, amounting to approximately $765 million. This shift indicates that investors may be "buying the dip" after a market correction. BlackRock's iShares Bitcoin Trust (IBIT) has been a primary beneficiary of this renewed interest, attracting $297.4 million on one of the key inflow days and accounting for nearly 60% of the total. Fidelity's Wise Origin Bitcoin Fund (FBTC) also saw significant inflows, leading the pack on another day with nearly $83 million. Even Grayscale's Bitcoin Trust (GBTC), which had experienced consistent outflows, recorded a notable inflow of $102.5 million. The broader crypto market has been subject to volatility, influenced by macroeconomic factors and institutional selling in the previous quarter. However, the recent positive ETF flow data, coupled with a recovery in Bitcoin's price, suggests a potential shift in market sentiment. The total net asset value of spot Bitcoin ETFs now stands at over $87 billion, representing more than 6% of Bitcoin's total market capitalization. The renewed interest isn't confined to Bitcoin. Dogecoin's recent price jump is partly attributed to a new listing on Binance with a zero maker fee promotion, which is expected to increase liquidity and trading activity. This, along with a general improvement in retail investor sentiment, has contributed to its upward momentum. Meanwhile, the surge in XRP trading volume has been observed across major exchanges like Upbit, Binance, and Coinbase, signaling broad global interest. This increased activity is also reflected in a rise in futures open interest, suggesting traders are taking longer-term positions.
