Bitcoin ETFs Amass $200M Despite Market Correction

U.S.-approved bitcoin ETFs have recorded a bullish business week so far, showing resilience despite the recent crypto market correction. According to data from the Farside ETF tracker, the investment funds ended Thursday with $197.8 million in inflows. 

Notably, this marks nine business days of positive market flows. The last time U.S. bitcoin ETFs held such a long inflow streak was between July 2 and July 18, when the funds ended 12 consecutive days on the green side. The month before, the funds hit a landmark 15-day inflow streak. 

$200M ETF Inflows

Not much trading activity occurred with the ETFs, as many investors stayed away from the market. As a result, six of the bitcoin investment funds were dormant. Meanwhile, Fidelity’s FBTC, Ark 21Shares’ ARKB, and Grayscale’s GBTC shed $13.2 million, $5.6 million, and $45.5 million, respectively, as a few investors panic-sold their holdings to secure profit while the leading crypto plunged.

In contrast, BlackRock’s IBIT maintained positive flows, taking in $255.5 million from bullish investors. In fact, within the past eight days, IBIT has seen massive inflows; hence, Thursday was the least business day for the ETF during this time period. Overall, investors have bought approximately $65.2 billion in IBIT shares.

On the side of Ether ETFs, Thursday wasn’t bullish as the investment funds shed $8.7 million and ETH dropped to $4,270.  

So far, the highlight of this week’s ETF inflows was Monday, when investors scooped up over $1.2 billion to mark the fund’s second-largest business day since launch in January 2024. Notably, IBIT took in $970 million, FBTC recorded over $100 million in inflows, and none of the ETFs shed a dime on Monday.

BTC Plunges Below $120,000

A significant contributing factor to Thursday’s minimal inflows was the over 3% decrease in bitcoin’s price on the same day. The apex coin went from $123,700 to $119,700, dragging other cryptocurrencies along in the downtrend. Consequently, bullish leverage traders lost over $550 million to liquidation within 24 hours, raising concerns about the long-predicted “Uptober.”

At press time, BTC has gained ground above the $121,000 mark as bullish investors saw the dip as an opportunity to accumulate more. According to recent analysis, bitcoin’s surge above $120,000 serves as a confidence booster, signaling a further uptrend likely to reach new highs before the year ends. 

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