Tracking Bitcoin ETF inflows and outflows often reveals how quickly the market mood can change. This week showcased a dramatic contrast between two consecutive days, highlighting the ebb and flow of institutional Bitcoin activity.
On Monday, U.S. Bitcoin ETFs recorded impressive inflows, totaling $636.9 million. Notably, no funds saw outflows, painting a picture of confidence among investors. However, Tuesday flipped the script, with most ETFs selling Bitcoin. Yet, amidst the selling, BlackRock’s IBIT fund stood out by turning a potentially negative day into a positive one.
Monday: All Inflows, No Outflows
Monday’s ETF activity painted a bullish picture, with funds collectively bringing in substantial inflows:
- BlackRock’s IBIT led the pack, purchasing $418.1 million worth of Bitcoin.
- Fidelity’s FBTC fund added $116.1 million.
- Ark Invest’s ARKB recorded $47.7 million in inflows.
- Bitwise’s BITB fund gained $30.7 million.
- Grayscale’s GBTC saw $17.6 million inflows.
- Grayscale’s BTC fund added $6.6 million.
Other funds remained flat, with neither inflows nor outflows reported.
Tuesday: Outflows Dominate, But BlackRock Buys Big
Tuesday took a sharp turn, with outflows dominating the day for most ETFs. Despite this, BlackRock’s IBIT fund made a bold move, buying $741.4 million in Bitcoin. This purchase not only offset outflows from other funds but also reflected BlackRock’s continued bullish stance, having purchased $418.1 million the day before. Total inflows on Tuesday were $493.95 million.
Here’s a breakdown of Tuesday’s activity:
- BlackRock’s IBIT: $741.4 million inflows, the only major buyer.
- Grayscale’s BTC: Small inflows of $3.8 million.
- VanEck’s HODL: Added $3 million.
Meanwhile, funds that were active buyers on Monday saw significant outflows:
- Fidelity’s FBTC lost $128.2 million.
- Grayscale’s GBTC shed $84.7 million.
- Bitwise’s BITB sold $24.4 million.
- Ark Invest’s ARKB recorded $17 million in outflows.
The impact of these ETF movements extended to Bitcoin’s price. On Monday, Bitcoin surged to a new all-time high of $107,756. However, by Tuesday, the flagship cryptocurrency retraced to $103,305 at time of writing as selling pressure weighed on the market.