Bitcoin ETFs Snap Outflows Streak, Accumulate $15.4M

Bitcoin exchange-traded funds (ETFs) in the U.S. saw a reversal in fortunes as they accumulated $15.4 million on Monday, ending a five-day streak of outflows. Analysts believe that as the quarter draws to a close, these inflows could gather pace. Fidelity’s FBTC led the way with $261.8 million in inflows, followed by BlackRock’s IBIT with $35.5 million. However, Grayscale’s ETF (GBTC) continued to experience outflows, losing over $350 million. The recent outflows were largely attributed to large withdrawals from GBTC, but with the introduction of spot ETFs, investors can now bypass the complexities of owning and storing digital assets. Since their launch, bitcoin has risen over 50% to $70,750, and the recent inflows may contribute to further price increases. Markus Thielen, founder of 10x Research, believes that quarter-end flows could be stronger than usual, potentially driving bitcoin to new highs. However, he noted that for another aggressive move upward, spot ETF inflows and the issuance of stablecoins like tether (USDT) would need to increase as well.