After seeing multiple weeks of little to no fresh capital intake, it appears that momentum is returning to the Bitcoin ETF ecosystem as this week has come with a positive switch.
With momentum gradually building again, the Bitcoin ETFs have seen a massive resurgence in weekly inflows as they have just achieved the biggest inflow seen in the last six weeks.
Bitcoin ETFs hit $789 million in weekly inflow
On Saturday, April 11, data from SoSoValue shows that Bitcoin ETFs have recorded the biggest inflow seen in April. While this has been followed by prolonged volatility in the broader crypto market, the inflow outweighs levels seen throughout March.
Apparently, the last time such a weekly inflow surge was recorded was in February. Hence, the Bitcoin ETFs have achieved a total inflow of $789 million over the last week, marking the highest weekly inflow seen since Feb. 27.
This suggests that momentum has returned to the Bitcoin ETF market after several days and weeks of consistent capital withdrawals.
BlackRock dominates as institutional interest reignites
Institutional participants moved with extreme caution in the past week, where the funds only saw mild daily inflows and major withdrawals, bringing their performance last week to a very weak close of $22.34 million.
While confidence appears to have returned to the market, investors poured in massive capital, bringing the weekly inflow near $800 million, which could be bullish for Bitcoin’s price in the coming week.
As usual, BlackRock took the lead, accounting for nearly 80% of the total $789 million inflow recorded by the combined Bitcoin ETFs over the week.
The leading fund has pulled in a whopping $612 million out of the total inflow recorded, while other funds saw lesser to no inflows.
Dan Burgin
U.Today Editorial Team
