Bullish! Spot Bitcoin ETFs Record $240M in Inflows, Ending Six-day Outflow Streak

Due to the recent downturn in the crypto market, indirect bitcoin (BTC) investors who hold shares in many publicly listed bitcoin exchange-traded funds (ETFs) have offloaded their bags, resulting in a consecutive six-day outflow for the funds.

However, the bearish streak has come to an end, as the ETF recorded an outstanding $240 million in inflows on Thursday. 

Driven by inflows and increased investor interest in the leading crypto amid the downtrend, BTC saw a push above the $102,500 mark on Friday, signaling a potential uptrend in the coming days.

Massive $240M in Inflows

Data from ETF flow tracker, SosoValue, revealed that the leading fund of the day was BlackRock’s IBIT, listed for trading on Nasdaq. It amassed $112.44 million as investors purchased about 1,110 BTC. Notably, this marks the first and best bullish business day of the month so far for IBIT, as the fund has not recorded any inflow since October 29.

Meanwhile, due to IBIT’s remarkable market success since its debut in the U.S., BlackRock has recently extended its market presence, introducing IBIT for European bitcoin-enthusiastic investors.  

Trailing IBIT was Fidelity’s FBTC, trading on the CBOE. It amassed $61.64 million with investors buying approximately 610 BTC. It accounts for over 25% of the day’s flows. Notably, it is not just the second most bought BTC ETF of Thursday, FBTC also sits as the world’s second most bought Bitcoin ETF ever, with $12.26 billion in all-time inflow.

Other significant contributors to Thursday’s flow were Ark 21Shares’ ARKB and Bitwise’s BITB. They both took in $60.4 million and $5.5 million, respectively. Meanwhile, all the other ETFs were dormant, as many investors remain indecisive about the next step.

Will Bitcoin Surge this Month?

The crypto community entered November with high hopes for the apex coin, which failed to live up to expectations in October. However, the past few days have been bearish as the crypto slipped below the $100,000 mark, raising concerns about whether the downtrend will continue or the crypto is already at its bottom level and is gearing up for a Moonvember.

Meanwhile, several factors suggest a potential recovery in the coming weeks. For instance, despite increased selling pressure, the stablecoin market capitalization remains steady, indicating that investors are holding onto stablecoins, seeking opportunities to reenter the market rather than swapping to fiat and completely exiting. This hints that the BTC and crypto market drop may not last for too long.

Moreover, recent analysis amid the downtrend shows that BTC’s recent price action, including the recovery above the $100,000 resistance, signals a potential uptrend. As a result, a few bullish investors and whales have opened long positions, awaiting an upturn. 

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