US spot Bitcoin exchange-traded funds (ETFs) extended their positive streak on Sept. 28 after recording a combined $31 million in net inflows. This happened as Bitcoin rebounded toward the $84,000 mark.
BlackRock’s iShares Bitcoin Trust (IBIT) led the latest session with $54.8 million in net inflows. Grayscale’s Bitcoin Mini Trust (BTC) added another $10.3 million.
Bitcoin ETF flows (Source: Farside Investors)
Those gains were partially offset by $10.9 million in outflows from Fidelity’s FBTC and $23.2 million leaving Grayscale’s GBTC. The other major spot Bitcoin ETFs recorded no meaningful inflows during the session.
Bitcoin ETF Inflow Streak Continues
While the latest $31 million total was relatively small, it extends a strong run for the US spot Bitcoin ETF market.
The streak began with $999 million in net inflows on Sept. 21, followed by another $714.7 million on Sept. 22. The funds then attracted $346.9 million on Sept. 23, $190.7 million on Sept. 24 and $134.5 million on Sept. 25.
The latest data also shows that the pace of buying has slowed substantially.
Bitcoin Rebounds Toward $84,000
Bitcoin also experienced a volatile 24 hours. BTC traded below $83,000 early yesterday before climbing above $83,500 and briefly moving past $84,000. It then reversed course by falling back toward roughly $82,800 before buyers stepped in again.
The cryptocurrency then staged another sharp recovery and climbed to around $84,100 before easing back toward the $83,700 area.
The repeated tests of $84,000 make that level an important short-term area to watch. Bitcoin has shown an ability to recover quickly from dips over the past day, but has so far struggled to maintain a decisive move above the level.
On the bright side, the continued ETF inflow streak means that institutional demand has remained positive despite the recent volatility.