Spot Bitcoin Exchange-Traded Funds (ETFs) have seen a big comeback since the crypto market came back to life. On March 26, they received a notable $418 million in new investments.
Investment management company Farside Investors’ data shows how the market has responded to Bitcoin’s recent comeback. With $418 million, this is the most funds that has come into these products since March 13. This shows that investors are once again interested in cryptocurrency.
This week, performance signs show that Fidelity Wise Origin Bitcoin (FBTC) has again done better than BlackRock’s iShares Bitcoin Trust (IBIT), attracting the most funds on March 26 of $279.1 million.
Notably, IBIT closely followed suit with $162.2 million in inflows. While the Grayscale Bitcoin Trust (GBTC) and the WisdomTree Bitcoin Fund (BTCW) also recorded positive flows, GBTC maintained its trend of outflows, albeit at a reduced rate, totalling $212.3 million, while BTCW traded flat.
Spot Bitcoin ETFs: The Ark 21Shares Bitcoin ETF (ARKB) Resurgence
The Ark 21Shares Bitcoin ETF (ARKB) saw the biggest comeback. It went from having no funds on March 25 to getting $73 million in new funds on March 26, which was its second-largest month’s inflow.
With the most recent numbers added in, the total amount of money put into these investment products since January 11 has hit an impressive $11.7 billion. Currently, they have a total of $58.755 billion in assets under management (AUM).
This increase in capital flows is the second day that capital flows have been positive this week. During the previous week, capital consistently flowed out. As the crypto market was corrected last week, $887.6 million worth of funds were pulled out of the spot Bitcoin ETF market.
The spot Bitcoin ETFs saw outflows for five days in a row, the first time since they started. On March 19, $362.2 million was taken out in one day, the biggest loss these products had seen in a single day.
People were pulling their funds out of the market because fewer people were buying other goods, and many people were selling GBTC, which has lost $14.36 billion since it became an ETF on January 11. As the cryptocurrency market starts recovering, investors are again interested in spotting Bitcoin ETFs.
Bitcoin’s performance is now closely watched as it tries to keep up its comeback momentum and resist bearish pressure to hold on to the important $70,000 price level. The price of the most popular coin continued to fall, ending the day at $69,988 after falling to $62,260 on March 22. As of this morning, the price of Bitcoin is $69,788, which is a small drop of 0.27%.
