US Bitcoin (BTC) Exchange-Traded Funds (ETFs) See Stabilization in Flows Seven Months After Debut

US exchange-traded funds (ETFs) investing directly in Bitcoin (BTC) posted eight straight days of net subscriptions, drawing in about $202 million

Exchange-traded funds (ETFs) investing directly in Bitcoin (BTC) in the United States posted eight straight days of net inflows on Monday, with an influx of about $202 million, data from Farside Investors showed on Tuesday.

BlackRock’s iShares Bitcoin Trust (IBIT) led the pack with around $224 million in net inflows on Monday.

Among other Bitcoin ETFs, Franklin Templeton’s (NYSE:FTK) EZBC and WisdomTree’s (NASDAQ:WETF) BTCW also reported net inflows at Monday’s close, with each capturing around $5 million.

In contrast, competing funds managed by Fidelity, Bitwise, and VanEck saw negative flows. The rest saw zero investments.

Seven months after their historic debut, the first spot Bitcoin ETFs in the US have seen a stabilization in both inflows and outflows compared to the initial trading period.

The Grayscale Bitcoin Trust (GBTC), which had historically been linked to massive outflows, saw a decrease in redemptions over the past two weeks, Farside’s data showed.

IBIT has solidified its dominance in the Bitcoin ETF market with its consistently strong performance. The fund's Bitcoin stash has crossed 350,000 BTC, a recent update showed.

What Happened: The eight consecutive days of net inflows into Bitcoin ETFs come amid a broader rally in the apex cryptocurrency. BTC price gained 1.3% over the past 24 hours and rose 6.5% over the past seven days.

The total cryptocurrency market cap now stands at $1.11 trillion, as per the latest data from Benzinga Pro.

See More: Best Cryptocurrency Scanners

After a rocky start to the year, Bitcoin has shown signs of recovery, with several days of gains and a return to a price above $44,000. However, the cryptocurrency is still down significantly from its all-time high of nearly $70,000 in November 2021.

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