Spot U.S. Bitcoin ETFs saw mixed trading flows on Tuesday, with the BlackRock iShares Bitcoin Trust ETF (IBIT) compensating.
Spot Bitcoin (BTC) exchange-traded funds generated $225.2 million in net income, according to SoSoValue.
According to Farside, gains were largely driven by $322.4 million in IBIT earnings, which offset $89.3 million in outflows from the Fidelity Wise Origin Bitcoin Fund (FBTC) and $28.2 million from the Grayscale Bitcoin Trust ETF (GBTC).
The latest inflows bring the weekly figure to $683.3 million, up from last week’s $787.3 million, the first week of positive inflows after a five-week run of outflows totaling nearly $4 billion.
According to CoinGecko, the entry came after sentiment in the crypto market was cautious and “extremely fearful” despite BTC’s resurgence of 5.4% in the past seven days.
The flow of ethereal funds becomes negative in conditions of market uncertainty
In line with broader market uncertainty, Ether (ETH) ETFs slipped into negative territory, moving $10.8 million overseas.
XRP (XRP) and Solana (SOL) funds remained in positive territory, with inflows of $7.5 million and $1 million, respectively.
Mixed trading in crypto funds came as geopolitical risks related to the Middle East conflict weighed on investor sentiment.
The Crypto Fear & Greed Index, a broad gauge of market sentiment, fell 14 to 10 on Wednesday after a brief recovery.
American billionaire and hedge fund manager Ray Dalio criticized Bitcoin All in a Podcast Tuesday, citing its limited privacy, the potential risks of quantum computing and its small market size.
“I think Bitcoin has gotten a lot of attention, but as a form of money, it’s small compared to gold. There’s only one gold,” he said.
Bitcoin proponents, including Bitwise chief investment officer Matt Hougan, shrugged off the criticism and saw it as a long-term opportunity. “Some hear criticism; I hear opportunity,” Hugan said in an X post, adding:
“These are the reasons why Bitcoin is 4% of the size of gold. If it weren’t for these criticisms, Bitcoin would already be around $750,000 per coin. I invest in Bitcoin in part because I believe these things will change over time.”
Magazine: Would Bitcoin Really Be $200K If Not For Jane Street? Trade secret
