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The spot Bitcoin ETF ecosystem has continued to welcome inflows, with those recorded in the past week pointing toward normalcy. The market has continued to witness sell-offs as the price of Bitcoin nosedived, discouraging investors. Per data from Glassnode, the Bitcoin ETF inflow in the week of Jan. 6 shows a major shift from the sell-offs from earlier in the year.
Spot Bitcoin ETF inflow data
According to the Glassnode data, BTC ETF inflows topped 17,567 units, valued at approximately $1.7 billion. The data outlet said this figure is higher than the inflow of 15,900 BTC, or $1.35 billion, recorded on the Bitcoin ETF market from October to December last year.
Yuri MolchanInstitutional investors remain the biggest backers of the Bitcoin ETF products. As reported earlier, BlackRock and Fidelity Investments remain the biggest issuers of the asset class, which clocked one year in the past week.
According to the Glassnode data, BlackRock holds 559,673 BTC in total assets. Fidelity has raked in 205,488 BTC, slightly ahead of Grayscale Investment’s 204,300 BTC. It remains uncertain what the outlook for this week will be, considering Bitcoin's price was at risk of falling below the $90,000 support zone as the sell-off intensified.
Market insulator
Spot Bitcoin ETF investors remain the biggest digital currency demand source. Complementing Michael Sayor’s MicroStrategy Inc., the spot Bitcoin ETF ecosystem helps provide the needed insulation that the price needs to stay afloat.
Alex DovbnyaThe attractiveness and potential of Bitcoin also hinge on the technical strength of the coin as a deflationary asset. According to industry observers, institutional investors have likely found the bottom with their sell-offs. Now, these whales have chosen to return capital to the market at a relatively fair discount.
Just as observed with the Ethereum and PEPE whale accumulations, the Bitcoin mat also witnessed an increased embrace from top investors, thus returning positive growth trends to the coin.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Arman Shirinyan
Dan Burgin
Vladislav Sopov