Blackrock Drives $305M Bitcoin ETF Comeback With $676M Inflow

Key Takeaways

• Bitcoin ETFs drew $304.73M last week, reversing the prior week’s $229M outflow.
• Ether lost $220.60M for a fourth negative week, while zcash rebounded with $41.09M.
• Broader bitcoin inflows across issuers would suggest late-week selling was mostly profit-taking.

Bitcoin ETFs Reverse $229M Weekly Loss With $305M Inflows

Institutional crypto trading last week was less a steady march than a series of violent changes in direction.

Bitcoin ETFs opened with $526.60 million on Monday, added $23.16 million Tuesday and surged by another $528.40 million on Wednesday. In three sessions, more than $1 billion had entered the products.

Then the tide turned.

Thursday produced a $635.49 million outflow, the largest since June 25. Another $137.94 million left on Friday. Even after that reversal, bitcoin ETFs finished the week with $304.73 million in net inflows, a sharp improvement from the $228.6 million lost a week earlier.

Blackrock Drives Bitcoin’s Recovery

Blackrock’s IBIT dominated the weekly fund rankings with $675.96 million in net inflows.

Fidelity’s FBTC moved the other way, losing $84.80 million. Ark & 21Shares’ ARKB shed $99.64 million, while Grayscale’s GBTC lost $51.86 million.