What to know : U.S. bitcoin ETFs register back to back inflows for the first time in a month, a total of $616 million. Despite a 50% price drawdown from the October highs, total BTC held in ETFs has only dipped by 6%.
For the first time in nearly a month, U.S. bitcoin exchange-traded funds (ETFs) have recorded back-to-back net inflows, snapping a redemption streak that stretched back to mid-January.
According to SoSo value data, the consecutive inflows shift began on Friday with $471.1 million in fresh capital, followed by a $144.9 million on Monday. This comes as bitcoin bounced back from Thursday's $60,000 low to around $70,000.
In mid-January, bitcoin peaked near $98,000 after a two week rally that started at $87,000. The subsequent sell-off to $60,000 saw investors yank millions of these spot ETFs.
Broadly speaking, investors still appear confidence about the cryptocurrency's long-term prospects, as evident from the spot ETFs' resilient asset under management (AUM).
According to Checkonchain, the cumulative AUM of the 11 funds has only decreased by about 7% since early October, sliding from 1.37 million BTC to 1.29 million BTC. Bitcoin, meanwhile, is down over 40% since hitting record highs above 126,000 in October.
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