The US-based Bitcoin ETFs (Switch -traded funds) has been on a negative line of capital outflows in recent weeks, which reflects decreasing appetite and aggravates the feeling among investors. However, the latest daily achievements of these crypto -based financial products indicate that new demand may grow among investors.
Bitcoin ETFs Close Positive Week with $ 83 million net inflow
According to Latest market dataBitcoin ETFs in the United States continued its hot capital stream and registered a daily total net inflow of $ 83.09 million on Friday 21 March. This recent capital inflow marked the sixth day in net daily inflows for the crypto products.
On Friday, only two of Bitcoin ETFs witnessed some form of investors. Blackrock saw the maximum amount ($ 104.99 million) added to its stock exchange trained fund Ishares Bitcoin Trust (with ticker Ibit); While Grayscale Bitcoin Trust (GBTC) published a daily network outflow of $ 21.9 million to close the week.
Nevertheless, this performance of $ 83.09 million brought Bitcoin ETFS record to an astonishing $ 744.35 million weekly net inflow. Interestingly, the previous week’s record set an end of five weeks in a row with total net outflows from the stock exchange traded funds.
Source: SoSoValue
Sosovalue data shows that the US Bitcoin ETF market witnessed a total withdrawal of $ 5.39 billion during the five weeks of negative outflows. Specifically, the crypto -based financial products witnessed a daily total outflow of over $ 1.14 billion on February 25.
The size of outflows that Bitcoin ETFS has witnessed has been associated with the uncertain climate on US financial markets. Since US President Donald Trump was resumed, markets have been plagued for fear of a global trade war, interest rate decisions and so on.
Bitcoin price unreactive for ETF inflows
Since its launch, there has been a discussion about the effects of us Bitcoin ETFS’s performance on Price on the flagship Cryptocurrency. As can be seen in recent weeks in a row with net outflows, the Bitcoin price tends to fight when ETF investors leave the market.
However, the foremost Cryptocurrency seems to be stuck in a consolidation area despite the new demand for US Bitcoin -etfs. However, a long-term demand for their exchange-traded funds can be the positive catalyst for the Bitcoin award to resume its upward trend.
From this writing, the price of BTC floats around the $ 84,000 brand, which reflects no significant change over the past 24 hours. According to data from Coytecko, the market leader has barely registered any remarkable movements over the past week.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Image from Shutterstock, chart from TradingView
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