Hopium! Bitcoin ETFs End 13-Day Outflow With $3M Inflow

Amid the bearish wave that the Bitcoin market is experiencing, there appears to be a glimmer of hope. Latest data from SoSoValue shows that Bitcoin exchange-traded funds (ETFs) have ended the 13-day outflow streak with a mild $3 million total inflow on June 4th.

The inflow is evidence that despite BTC’s price decline, some institutional investors are interested in acquiring the apex coin during the dip.

Inflows After 13-Day Outflows

BlackRock’s IBIT and Morgan Stanley’s MSBT were the only funds that recorded inflows for the day. They raked in $47.66 million and $9.87 million, respectively.

On the other hand, four issuers saw significant outflows yesterday. Ark & 21Shares’ ARKB led the outflow record with $20.72 million worth of BTC. The other three were Bitwise’s BITB, Invesco’s BTCO, and Fidelity’s FTBC. They parted ways with $15.57 million, $12.65 million, and $5.54 million, respectively.

The remaining issuers saw no flow for the day.

Before today, Bitcoin ETFs last saw inflows on May 14th, when it soaked in $131.31 million in BTC. The following 13 days were a cascade of nonstop outflows. The worst daily flow was on May 27th, when over $733 million exited the market. Among the top sellers during that time was BlackRock’s IBIT. However, it is worth noting that it is not BlackRock in itself that sold BTC, but the investors it represents.

A Glimmer of Hope

What makes the latest inflow quite remarkable is the fact that BTC continues to struggle below the $65,000 threshold. At the time of writing, bitcoin shook hands with $62,800, a 14.74% decrease within the past week.

Notably, BTC’s price decrease over the past few weeks has been accompanied by consistent negative flows. The latest inflow gives a glimmer of hope; bitcoin’s downtrend may be nearing its end for the meantime. It implies that if more buyers flood the Bitcoin ETF market once again, the leading crypto could see a significant bounce from its current level.

However, there is yet to be any leading catalyst to fuel this projection.

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