US Bitcoin ETFs recently saw a major shift. After several weeks of investors pulling their money out, things took a positive turn.
A $744 Million Influx
The week ending March 21st saw a massive $744 million inflow into US Bitcoin ETFs. This marked a huge turnaround, ending a five-week losing streak where a total of $5.39 billion was withdrawn. One day alone, February 25th, saw over $1.1 billion leave the ETFs.
Daily Numbers
The positive trend continued for six straight days, culminating in an $83 million inflow on March 21st. While BlackRock’s iShares Bitcoin Trust (IBIT) saw a substantial $105 million increase, Grayscale Bitcoin Trust (GBTC) experienced a $22 million outflow that same day.
Why the Shift?
The previous outflows were likely linked to uncertainty in the US financial markets, including concerns about trade wars and interest rate hikes.
Bitcoin Price Remains Unchanged
Despite the recent ETF inflows, Bitcoin’s price hasn’t reacted significantly. It’s currently hovering around $84,000, showing little movement over the past week. While previous outflows correlated with Bitcoin price struggles, this recent inflow hasn’t yet translated into a price increase. However, continued strong demand for Bitcoin ETFs could potentially trigger a Bitcoin price upswing.
