Bitcoin ETFs Mark 4-day Net Inflow Streak, Add $53M on Thursday

Key Insights:

• Bitcoin ETFs reported net inflows of $53.8M; BlackRock led Thursday’s flows; Grayscale and Bitwise posted outflows.
• Ethereum ETFs net outflows came at $72.3M; Solana and Chainlink spot ETFs also reported net inflows; XRP spot ETFs posted outflows.
• Bitcoin price is up over 14% since the start of the Iran war, trading above $71,000 Friday pre-market.

US Bitcoin (BTC) spot exchange-traded funds (ETFs) reported $53.87 million in net inflows on Thursday, March 13th. Bitcoin ETFs marked a four-day net inflow streak with Thursday’s inflows; meanwhile BTC price continued to move sideways near $70,000.

Ethereum (ETH) spot ETFs reported $72.37 million in net inflows, driven by Fidelity. XRP spot ETFs reported net outflows of $6.08 million; Solana (SOL) spot ETFs scooped up $3.92 million; LINK spot ETFs added $328.29K.

The first Polkadot (DOT) spot ETF reported its first flows, reporting an inflow of $544.48K on Thursday.

Bitcoin ETFs Demand Remains Strong Amid Iran War

Institutional interest in Bitcoin remains stable despite the intensifying war in the Persian Gulf. Bitcoin ETFs marked a four-day net inflow streak as of Thursday, taking this week’s net inflows to $586.99 million, according to SoSoValue data. Net inflows in March stand at $1.16 billion.

BlackRock (NASDAQ: IBIT) led Thursday’s inflows with a $46.15 million scoop. Other buyers include Fidelity (CBOE: FBTC) ($15.3 million), Grayscale Mini (NYSE: BTC) ($4.99M), and Ark & 21Shares (CBOE: ARKB) added $3.03 million.

Thursday’s sellers include Grayscale (NYSE: GBTC), which shed $9.88 million, and Bitwise (NYSE: BITB), which shed $5.72 million.

However, the daily flows chart suggests Bitcoin ETF demand is on the downslope. Thursday’s net inflows have been the third-lowest daily net inflows of the year so far.

Nevertheless, the month remains positive; note that the last four months saw Bitcoin ETFs post net outflows. None of the funds reported outflows on Thursday.

BTC Price is Up Over 14% Since the Iran War Started

As the Iran war enters its 14th day, markets continue to price in negative expectations; however, Bitcoin has been relatively stable. At press time, BTC price was $71,535, reflecting a 1.4% increase over Thursday’s close.

As of Friday morning, BTC price is up over 14% since the war began on February 28th, per TradingView. However, BTC rose over 16% since the start of the war, reaching as high as $74,075 (Wednesday, Mar 4th).

In that period, Oil (CFDs on WTI Crude) rose over 40%, trading above $95 as of press time. Meanwhile, the US Dollar is up 2.5% in that period. The Standard and Poor’s 500 Index is down over 210 points since then, a 3%+ drop.

A rise in oil prices is not exactly a good sign; it’s a strong signal of a supply shock or a demand surge. The Iran war affected a fifth of daily Oil consumption, forcing nations to dip into emergency reserves.

On March 13th, Iran’s new supreme leader announced that the Strait of Hormuz would remain closed.

Notably, the International Energy Agency’s announcement of the release of $400 million barrels from the Strategic Petroleum Reserves (SPR) did little to dent energy inflation expectations.

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