U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) are on track to snap five consecutive weeks of net outflows.
The dozen Bitcoin ETFs run by U.S. asset managers saw net inflows of $1.1 billion U.S. over the last three trading sessions, their best performance since mid-January.
Market data shows that spot Bitcoin ETFs are pacing for their best weekly performance since they attracted $1.4 billion U.S. in the week ended Jan. 16.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for more than half of the three-days of inflows, drawing in $652 million U.S. in new capital from investors.
The reversal suggests that U.S. demand for Bitcoin, and possibly other cryptocurrencies, is returning.
However, some analysts are urging caution, noting that the Coinbase Premium Index has been in negative territory for 40 consecutive days.
The index tracks the price difference between Bitcoin traded on Coinbase Global’s (COIN) cryptocurrency exchange and the broader stock market.
The index is widely used as a gauge of U.S. investor sentiment, and it continues to show a bearish outlook among investors.
The price of Bitcoin remains 45% below its peak last October. The largest cryptocurrency by market capitalization is currently trading at $66,000 U.S. and remains rangebound.
