Crypto● Neutral
Bitcoin ETFs Flip Positive With Second Straight Weekly Inflows
Spot Bitcoin ETFs pulled in $75.7 million last week, confirming a second straight week of inflows after eight weeks of outflows. Two fund managers see a floor forming.
Continue with
US-listed spot Bitcoin exchange-traded funds pulled in $75.7 million last week, the second consecutive week of net deposits after an eight-week stretch of outflows. The prior week saw $197.4 million in inflows.
The reversal follows a brutal stretch. Investors drained $424.7 million from the 13 funds on a single Monday late last month after renewed military conflict between the US and Iran. The two-week recovery, combined with flows into Ether ETFs, suggests sentiment may be turning, according to Richard Galvin, executive chairman at crypto investment firm DACM.
“I think it is a sign of bottoming,” Galvin said. “Given their size and breadth, the ETFs have become a good read on general sentiment to Bitcoin and the sector. So an about-face after eight straight weeks, now confirmed across a fortnight, is positive.”
Bitcoin has moved back above its 200-week moving average, a level around $63,300 that traders watch as a line between bearish and bullish conditions. The token has traded mostly between $60,000 and $65,000 for weeks, pinned by broader macro uncertainty. It briefly rose above $65,000 in Asian trading Tuesday even after fresh US strikes on Iran.