US spot Bitcoin ETFs post $221.7 million inflows, the strongest daily intake since early May, as Bitcoin recovers above $61,000.
US-listed spot Bitcoin exchange-traded funds (ETFs) recorded their first daily net inflow above $200 million since early May, snapping weeks of sustained withdrawals.
The funds attracted $221.7 million in net inflows on Thursday, according to SoSoValue data, ending a 10-day streak of net outflows that totaled more than $2.7 billion.
The rebound follows one of the weakest stretches for US spot Bitcoin ETFs this year, with the funds posting a record $4.5 billion in net outflows in June.
Daily flows in US-listed spot Bitcoin ETFs. Source: SoSoValue
The inflows came as Bitcoin reclaimed the $61,000 level after briefly falling below $59,000, with some investors, including Bitwise chief investment officer Matt Hougan, suggesting the market could be nearing a bottom. Crypto market sentiment on Friday was measured at an “extreme fear” reading by the Fear & Greed Index from Alternative.me.
Fidelity's Wise Origin Bitcoin Fund (FBTC) led Thursday's rebound with $166 million in net inflows, accounting for roughly 75% of the day's total, according to Farside Investors data.
ARK 21Shares Bitcoin ETF (ARKB) followed with $91.8 million in inflows, while the VanEck Bitcoin ETF (HODL) and Valkyrie Bitcoin Fund (BRRR) attracted $4.4 million and $1.7 million, respectively.
Meanwhile, BlackRock's iShares Bitcoin Trust (IBIT), the largest US spot Bitcoin ETF by assets, continued to bleed, posting $40.4 million in net outflows on Thursday. The fund has lost more than $2.2 billion during an 11-session outflow streak since June 17.
The recovery in ETF flows extended beyond Bitcoin, with altcoin investment products also posting net inflows on Thursday.
US spot Ether ETFs attracted $29.1 million on Thursday, following $14.9 million in inflows a day earlier. XRP ETFs also returned to net inflows, attracting $6.6 million after two consecutive sessions of outflows.
Related: Swan's Cory Klippsten sees record Bitcoin holder supply revealing early bottom
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