Bitcoin price has seen bullish momentum over the past week, with the initially improved situation in the Middle East serving as a significant catalyst. This optimism appears to have spilled over into the digital asset market, as new capital has also flowed into US-based Bitcoin spot exchange-traded funds (ETFs).
According to the latest market data, BTC spot exchange-traded products saw nearly $1 billion in value added over the past trading week. This new influx of capital reflects an uptick in investor confidence and demand in recent weeks.
US Bitcoin ETFs See Net Inflows of $664 Million
On Friday, April 17, U.S.-based Bitcoin ETFs saw a total net inflow of $663.9 million, reflecting a return of investor demand to the market in recent weeks. This single-day performance marked the fourth consecutive day of crypto-related investment product inflows.
Data from SoSoValue shows that BlackRock’s iShares Bitcoin Trust (IBIT) dominated the day’s activity, with a total net inflow of $283 million on Friday. This was followed by the Fidelity Wise Origin Bitcoin Fund (FBTC), which saw a net inflow of $163.42 million on the day.
The Ark 21Shares Bitcoin ETF (ARKB) also saw a large total net inflow of $117.9 million on Friday. Other issuers with positive net inflows that day included Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Mini Trust (BTC), VanEck Bitcoin Trust (HODL), and Invesco Galaxy Bitcoin ETF (BTCO).
Their performance brought the weekly record for spot Bitcoin ETFs to approximately $996.38 million in net inflows, with further weekly gains expected on Tuesday ($411.5 million) and Wednesday ($186 million). Meanwhile, last week’s activity represented the second consecutive week of capital inflows, with a net inflow of $786.31 million the previous week.
Source: SoSoValue
This resumption of capital inflows reflects the easing of tensions in the Middle East, with what appears to be a return of positive sentiment to the market. According to data highlighted by on-chain analyst Darkfost, trading volumes on BTC exchange-traded funds are increasing and currently stand at $4.7 billion, approaching spot market volumes, totaling around $6.2 billion.
However, Darkfost noted that the average cost basis for the BTC ETF is around $82,247, with holders still at a loss. “Since March, the trend has moved in a positive direction for ETFs, with inflows largely dominating,” the crypto analyst added.
Source: @Darkfost_Coc on X
Bitcoin Price at a Glance
At the time of writing, the BTC price stands at around $75,664, reflecting a decline of over 2% in the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from Shutterstock, chart from TradingView
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