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Bitcoin Price Nears $44K as ETFs See Net Inflows for First Time in a Week
The last previous net inflow day was January 22, when the spot products as a group added just over 1,200 bitcoin.
Updated Mar 8, 2024, 8:42 p.m. Published Jan 30, 2024, 5:30 p.m.
The 10 spot bitcoin ETFs on Monday experienced their first net inflows in one week, helping to send the price of bitcoin to its highest level since the day after the funds began trading.
Even taking into account slowing but still sizable net outflows at the Grayscale Bitcoin Trust (GBTC), the ETF issuers as a whole added more than 4,200 bitcoin to their holdings worth roughly $183 million yesterday. Last week, daily flows were continuously negative on a daily basis, with roughly 20,000 bitcoin leaving the funds from Jan. 23 to Jan 26. The last previous net inflow day was Jan. 22, when the spot funds as a group added just over 1,200 bitcoin.
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Read more: Bitcoin ETF Flows Show Negative Trend For First Time Since Launch
The price of bitcoin, which last week tumbled below $39,000 as sales piled up, rose to as high as $43,900 earlier Monday. It's trading at $43,500 as of press time, up about 10% from week-ago levels.
Outflows at GBTC have continuously slowed since the launch of the ETFs. The fund saw an average of $470 million in money exiting in the first six days after the spot ETFs began trading. On Monday, that number slid to $192 million, according to research firm BitMEX.
Over the first 12 trading days since approval on Jan. 10, the new ETFs have now seen total net inflows topping $1 billion, said BitMEX.
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