Following a protracted period of investor withdrawals, U.S.-listed spot Bitcoin exchange-traded funds reported two consecutive days of net inflows, the first consecutive gains in almost a month.
The collection of U.S. bitcoin ETFs saw net inflows of $471.1 million on Friday and an additional $144.9 million on Monday, according to data from SoSoValue. The change occurred at the same time that bitcoin rose from a recent low of about $60,000 to trade at about $70,000.
After bitcoin peaked in mid-January at about $98,000, there were weeks of outflows before the inflows. Investors withdrew large sums of money from spot ETFs as prices plummeted from those levels, continuing a redemption trend that continued into early February.
ETF holdings have held up better than bitcoin's price performance, despite the volatility. The total amount of bitcoin held across the 11 U.S. spot ETFs has decreased by about 7% since early October, from approximately 1.37 million BTC to 1.29 million BTC, according to Checkonchain data.
The market price of bitcoin has decreased by over 40% during this time, indicating a growing discrepancy between ETF asset levels and spot price fluctuations.
Even though broader price trends are still under pressure, the recent inflows imply that some investors are starting to return to the market after weeks of selling.
