U.S. spot Bitcoin ETFs drew $6.8 million in net inflows yesterday. This ended five straight days of outflows that removed about $1.72 billion from the funds.
Data from Farside Investors shows BlackRock’s IBIT led inflows with about $15.9 million. Grayscale’s Bitcoin Mini Trust added roughly $7.7 million.
Bitwise lost about $11 million, Fidelity shed $5.7 million, and ARK 21Shares dropped $2.9 million. Bitcoin traded near $87,800, down 0.4% on the day.
“It’s a positive sign given the string of outflows which corresponded to Bitcoin’s selloff over the past fortnight,” said David Morrison of Trade Nation. (Ed. note: Wednesday’s single-day outflow reached about $709 million.)
“In fact, the strongest correlation comes against the U.S. dollar,” he added. Reuters reported that stock markets sit at record highs, but those gains have not yet lifted Bitcoin.
“If so, then a snap higher in the dollar could help boost Bitcoin and help it break out above the highs from mid-January,” Morrison concluded.
