- Bitcoin ETFs have turned the tide.
- The funds recorded their first net inflow after five days of consecutive outflows.
- BTC also revisited the $70,000 mark.
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) recorded a total net inflow on Monday, breaking a five-day streak of outflows.
The development coincided with Bitcoin revisiting the $70,000 mark for the first time since March 15, a sign that the worldโs largest crypto asset could reclaim its all-time high price of $74,000 ahead of the halving event, anticipated in April.
Bitcoin ETFs Resume Winning Streak
According to BitMEX Research data shared on Tuesday, the net inflow into spot Bitcoin ETFs on March 25 totaled 212 BTC (about $15.7 million), with Fidelityโs FBTC leading the Nasdaq-listed funds with 3,689.3 BTC ($261.8 million) inflows.
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BlackRockโs IBIT trailed behind Fidelityโs Bitcoin ETF with 500 BTC ($35.5 million) inflows as other funds like Bitwiseโs BITB, Invescoโs BTCO, Franklinโs EZBC, and Valkyrieโs BRRR witnessed inflows of between $11 million and $20 million each.
Despite all the funds breaking consecutive single-day outflows of as much as $326.2 million, as witnessed on March 19, Grayscale’s GBTC fund continued to bleed, logging a single-day outflow of $350 million on Monday.
Meanwhile, since spot Bitcoin ETFs began trading in January this year, the price of BTC has risen steadily, gaining as much as over 50%. On Monday, the crypto asset gained over 4% and shot from $67,241 to $70,993 in under six hours.
On Tuesday, BTC had gained over 5% in the last 24 hours and peaked at $71,620 at about 10:35 UTC+3 before pairing some of the gains to exchange hands at $71,135 as of press time, CoinMarketCap data shows.
Read why U.S. Senators are fighting against crypto ETFs:
Why Senators Are Fighting Against Crypto ETFs After SECโs OK
Stay updated on how Bitcoin ETFs performed when BTC peaked at a new all-time high:
Bitcoin ETFs See $1B Inflows as BTC Holds Highest Ever Price
