On Thursday, Bitcoin exchange-traded funds (ETFs) logged a total of $165 million worth of inflows, according to the data provided by SoSoValue.
It is worth noting that these products have now seen five consecutive days of inflows. This signals that institutional demand is coming back after an excruciating streak of disastrous outflows. As reported by U.Today, Bitcoin ETFs had hemorrhaged more than $6 billion in less than two months due to investors souring on risk assets amid global trade tensions and recession fears.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) has accounted for virtually all of the recent inflows, adding $172 million.
Fidelity Wise Origin Bitcoin Fund (FBTC) and Grayscale Bitcoin Trust ETF (GBTC) are also in the green with $9.19 million and $5.22 million worth of inflows, respectively.
At the same time, several Bitcoin ETFs bled assets on Thursday, with the Bitwise Bitcoin ETF (BITB) being the hardest-hit product with a total of $17.4 million. Grayscale’s GBTC has also seen outflows totaling nearly $8 million.
Meanwhile, Bitcoin’s price action remains rather anemic. At press time, the cryptocurrency is changing hands at $84,152 after dipping by 2.1% over the past 24 hours.