New York, March 26, 2024 - After a five-day streak of outflows, Bitcoin spot exchange-traded funds (ETFs) have snapped the trend and accumulated over $15 million on Monday.
According to provisional data from Farside, Fidelity's FBTC led the inflows with $261.8 million, followed by BlackRock's IBIT with $35.5 million. Other funds like BITB, BTCO, EZBC, and BRRR also received significant inflows.
The inflows come as Bitcoin prices have risen over 50% since the spot ETFs debuted in the U.S. on January 11. On Monday, prices rose just over 4%, briefly topping the $71,000 mark.
Markus Thielen, founder of 10x Research, attributed the inflows to quarter-end flows and anticipates that they could continue.
"With bitcoin above $70,000, we can imagine that flows on Tuesday could also be positive again. With the quarter end, flows might be stronger than usual," said Thielen.
Thielen also emphasized the importance of spot ETF inflows and the issuance of Tether (USDT) stablecoins for Bitcoin's continued upward momentum.
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