Spot Bitcoin exchange-traded funds (ETFs) ended a six-day streak of net outflows on Monday, with $219 million in daily inflows.
ETF data platform SoSoValue showed that spot Bitcoin (BTC) ETFs rebounded on Monday, marking a shift in sentiment after six consecutive trading days of net outflows.
The outflow streak started on Aug. 15 and extended through Friday, with the biggest outflows coming at $523.31 million on Aug. 19, followed by $311.57 million on Wednesday.
The week of outflows followed a Bitcoin market correction after the asset reached record highs. On Aug. 14, CoinGecko data showed that Bitcoin reached a new all-time high of $124,128. Since then, the asset had dropped 11% to $110,186.
Fidelity, BlackRock lead spot Bitcoin ETF rebound
Fidelity and BlackRock ETFs led the rebound on Monday, driving a majority of the daily net inflows. The Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the pack, bringing in $65.56 million.
BlackRock’s iShares Bitcoin Trust (IBIT) followed closely with $63.38 million, while ARK Invest’s ARK 21Shares Bitcoin ETF (ARKB) added $61.21 million.
Other issuers saw smaller but positive contributions to the day’s inflows. Bitwise’s BITB saw $15.18 million in net inflows, while Grayscale’s Bitcoin Trust (BTC) and VanEck’s HODL fund recorded $7.35 million and $6.32 million, respectively.
US Spot Bitcoin ETFs’ performance on Monday. Source: SoSoValueRelated: Bitcoin is rallying on US deficit concerns, not hype: Analyst
ETF sell-off comes from “polarized” investor sentiment
On Monday, CoinShares’ head of research, James Butterfill, said the recent outflows from crypto funds were their biggest losses since March. Butterfill attributed the sell-off to the “increasingly polarized” investor sentiment over US monetary policy.
He said pessimism around the Federal Reserve’s stance drove $2 billion in outflows. However, the analyst said the sentiment shifted after United States Federal Reserve Chair Jerome Powell’s address, widely interpreted as “more dovish than expected.”
On Saturday, crypto sentiment returned to greed as the crypto market surged after Powell raised speculation of a possible rate cut in September.
The Crypto Fear & Greed Index, a popular metric used to measure market sentiment, rose to a “Greed” score of 60. This meant that market participants were showing a stronger appetite for risk and were more confident in buying.
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Source: https://cointelegraph.com/news/spot-bitcoin-etfs-break-outflow-streak-219m-fidelity-blackrock?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
