The US spot Bitcoin exchange-traded fund recorded net inflows for the second consecutive week, marking the first consecutive weekly increase in five months.
Spot Bitcoin (BTC) ETFs saw approximately $568.45 million in net inflows this week, according to data from SoSoValue. Last week, the product had positive flows of about $787.31 million, showing that investor appetite is returning after weeks of capital outflows.
Prior to the recent turnaround, the U.S. Bitcoin Spot ETF endured a prolonged period of investor withdrawal, posting cumulative outflows of approximately $3.8 billion over five consecutive weeks. The largest weekly withdrawal during the streak was the week ending January 30, when the Spot Bitcoin ETF recorded net outflows of approximately $1.49 billion.
This week has been a mixed bag. The Spot Bitcoin ETF recorded inflows of $458.19 million on Monday, followed by $225.15 million on Tuesday and an even larger inflow of $461.77 million on Wednesday. The momentum reversed in the final session, with $227.83 million leaving the fund on Thursday and $348.83 million redeemed on Friday.
Related: BTC surpasses $73,000, US Bitcoin ETF records $462 million inflows
Ether ETF sees weekly inflows
The US Spot Ether (ETH) ETF also recorded net inflows for the second consecutive week. After recording an inflow of $80.46 million in the previous week, this week recorded a net inflow of approximately $23.56 million, marking the first consecutive weekly increase since early October last year.
Prior to the rebound, the Spot Ether ETF faced continued withdrawals, posting cumulative outflows of more than $1.38 billion for five consecutive weeks. The week with the highest weekly outflows was the week ending January 23, when the fund recorded net redemptions of approximately $611 million.
Meanwhile, the fund’s results were mixed throughout the latest reporting week. Monday recorded an inflow of $38.69 million, followed by an outflow of $10.75 million on Tuesday. Inflows returned on Wednesday to $169.41 million, but the momentum faded later in the week.
Related: Bitcoin whales shift billions into ETFs like BlackRock’s IBIT
Bitcoin ETFs equal inflows in 2 years to 15 years of gold ETFs
In a post on Saturday’s X, Blockstream marketing director Fernando Nikolic pointed out that Bitcoin ETFs have already matched gold ETFs’ cumulative inflows of about 15 years in less than two years, even though gold is a decade and a half ahead of the ETF market.
Nikolic added that this milestone comes amidst Bitcoin’s 46% decline and months of negative price performance, and argued that institutional demand remains strong even amid the market downturn.
“Those who are still debating whether Bitcoin is ‘digital gold’ are wasting their breath,” he wrote. He added: “Bitcoin is not trying to become gold. Bitcoin is making gold look slow.”
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