The U.S. Spot Bitcoin ETF sector experiences a resurgence with a notable $66 million inflow, reversing the previous week’s outflow trend for the last two days. Notably, the recent data reveals that Fidelity’s FBTC leads the influx, signaling renewed investor interest in cryptocurrency-backed exchange-traded funds. Besides, the inflow also comes amid a recovery in the Bitcoin price.

Fidelity’s FBTC Leads Bitcoin Inflow Surge

Following two consecutive days of outflow, the Bitcoin ETF market witnessed a turnaround with a significant $66 million net inflow, as reported by Farside Investors. Notably, Fidelity’s FBTC emerges as the frontrunner, attracting $38.6 million in inflows, followed by Bitwise Bitcoin ETF BITB with $20.3 million.

Meanwhile, the recent influx also reflects the renewed confidence of the traders in Bitcoin ETFs. Besides, it also coincides with a recovery in Bitcoin’s performance, which surged past the $63,000 mark recently. Notably, this resurgence in investor interest comes amid heightened volatility in the overall market, indicating a renewed appetite for cryptocurrency investments.

It’s worth noting that the net inflow of $66 million on May 13 marks a positive shift after two days of negative flows. However, while no ETF experienced outflows, seven out of ten US Bitcoin ETFs, including Grayscale and BlackRock offerings, reported zero flows. 

Meanwhile, over the last 30 trading days, the ten Bitcoin ETFs saw a net outflow of $297 million, with outflows recorded on 17 of those days.

Source: Farside Investors

Also Read: Meme Coin Party Begins After GameStop Rally, Adds $5 Billion To Index

Crypto Market Performance

The influx of $66 million into Bitcoin ETFs signals a renewed bullish sentiment among investors, bolstered by Fidelity’s FBTC garnering the lion’s share of inflows. Notably, with Bitcoin’s price rebounding and analysts providing optimistic forecasts, the cryptocurrency market appears poised for further growth and stability in the coming days.

As of writing, the crypto market noted a surge of 0.37% to $2.27 trillion, while its overall trading volume rose 50% to $71.79 billion. Meanwhile, the Bitcoin price noted slight gains of 0.33% over the last 24 hours, trading at $61,876.45 at the same time. 

Meanwhile, the BTC price has touched a high of $63,422.66 and a low of $61,400.88 over the last 24 hours, reflecting the still-volatile scenario hovering over the market.

Also Read: Coinbase Investigates System-Wide Outage, Here’s All

The post Bitcoin ETF Sees $66M Inflow Boosted by Fidelity’s FBTC Support appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am