Spot Bitcoin Exchange Funds finally returned to positive territory after enduring five straight weeks of withdrawals. Flow data showed that the recent week brought a strong increase in investor demand, although the late surge was not enough to fully recover from the losses recorded in February.
Investors poured $787 million into Spot Bitcoin ETFs
according to information from SoSoValue, Spot Bitcoin ETFs posted net gains of $787.31 million for the week, the first weekly green print after five consecutive weeks of withdrawals. The turnaround was largely fueled by three straight days of positive flows on Tuesday, Wednesday and Thursday, which helped tip the balance back into positive territory.
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Last week’s numbers and momentum swings show institutional and ETF-based investors opted to return to Bitcoin last week after a long time successive exits. However, despite the week’s strong performance, the entire month’s net turnover still finished in the red due to deep withdrawals that occurred earlier in the month. Thus, February finally closed with a total net outflow of $206.52 million from Spot Bitcoin ETFs.
Post Weekly Bitcoin Netflows. Source: SoSoValue
The resistance of ETF holders was also noted by crypto expert Nate Gerasi on the social media platform. He noted that investors in Spot Bitcoin ETFs have largely kept faith during Bitcoin’s decline.
Geraci speeches about the recent withdrawal of forces as modest in the broader context of overall asset class growth. He noted that since Bitcoin hit its all-time high in early October, Spot Bitcoin ETFs have experienced roughly $6.5 billion in outflows.
But he also noted that this number is insignificant compared to 55 billion dollars that funds have been raised He also pointed to more than $1 billion in revenue between Tuesday and Thursday as another example how quickly emotions can change.
Spot Ethereum ETFs are tracking the recovery
Returns were not limited to Bitcoin-based funds. Spot Ethereum ETFs also saw investor interest midweek, snapping what was turning into a six-week losing streak.
For the week, Spot Ethereum ETFs finished with net inflows of $80.46 million. Although the scale is smaller than Bitcoin’s numbers, the entry is the first of a broader stabilization in crypto ETF sentiment.
Post Weekly Ethereum Netflows. Source: SoSoValue
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Taken together, inflows into both Bitcoin and Ethereum ETFs suggest that institutional appetite is recovering after weeks of consecutive gains. Whether this is the start of a sustained recovery or short-term relief will also be the case depends on broader market conditions and how the current geopolitical tension resolve in the coming weeks.
Featured image from Unsplash, chart from TradingView
