Bitcoin price increased bullish momentum last week with early improving conditions in the Middle East acting as an important catalyst. This optimism appears to have spread throughout the digital asset market, with new funds flowing into U.S.-based spot Bitcoin ETFs (exchange-traded funds).
The latest market data shows that BTC spot trading products added approximately $1 billion in value over the last trading week. These new capital inflows reflect the rise in investor sentiment and demand over the past few weeks.
US Bitcoin ETF records net inflows of $664 million
On Friday, April 17, US-based Bitcoin ETFs recorded total net inflows of $663.9 million, reflecting the return of investor demand to the market in recent weeks. This daily performance marked the fourth consecutive day of inflows for cryptocurrency-linked investment products.
BlackRock’s iShares Bitcoin Trust (IBIT) led the day’s activity on Friday with total net inflows of $283 million, according to data from SoSoValue. Fidelity Wise Origin Bitcoin Fund (FBTC) followed with a net inflow of $163.42 million on the day.
The Ark 21Shares Bitcoin ETF (ARKB) also saw significant net inflows on Friday, totaling $117.9 million. Other issuers with positive net inflows on this day include Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Mini Trust (BTC), VanEck Bitcoin Trust (HODL), and Invesco Galaxy Bitcoin ETF (BTCO).
Their performance brought net inflows to spot Bitcoin ETFs to a weekly record of approximately $996.38 million, with other weekly gains coming on Tuesday ($411.5 million) and Wednesday ($186 million). Meanwhile, last week’s activity represents the second consecutive week of capital inflows, with last week recording net inflows of $786.31 million.
Source: SoSoValue
This increase in capital inflows reflects easing tensions in the Middle East and appears to be reemerging positive sentiment in the markets. Data highlighted by on-chain analyst Darkfost shows that BTC exchange-traded fund trading volume is increasing, currently at $4.7 billion, inching closer to the size of the spot market, totaling $6.2 billion.
However, Darkfost noted that the average cost basis of the BTC ETF is around $82,247, and holders are still incurring losses. “Since March, the trend has shifted noticeably in a positive direction for ETFs, with inflows largely dominating,” the cryptocurrency analyst added.
Source: @Darkfost_Coc on X
Bitcoin price at a glance
As of this writing, the BTC price is around $75,664, down more than 2% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from Shutterstock, chart from TradingView
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