For the first time in a month, U.S. Bitcoin (BTC) exchange-traded funds (ETFs) have recorded back-to-back net inflows.
According to market data, a dozen Bitcoin ETFs registered a cumulative $471.1 million U.S. in net inflows on Feb. 6, followed by $144.9 million U.S. on Feb. 9.
The capital flowing into the Bitcoin ETFs snapped a steady stream of redemptions that began in mid-January and continued at a relentless pace over the past month.
The back-to-back inflows into BTC ETFs comes as Bitcoin bounced off a low of $60,000 U.S., rising close to $70,000 U.S.
Bitcoin ETFs had started the year strong, with the largest cryptocurrency by market capitalization trading near $98,000 U.S.
But once BTC turned lower in mid-January, ETFs started seeing strong outflows of capital as investors began to pull money from the investment vehicles that track the spot price of Bitcoin.
However, assets under management (AUM) held by Bitcoin ETFs have only decreased by about 7% since last October even as the price of BTC has been cut in half over the same period.
The biggest and most popular ETF remains the iShares Bitcoin Trust (IBIT), which has about $60 billion U.S. of assets under management.
