Data shows the Bitcoin spot exchange-traded funds (ETFs) have seen their 14-day netflow trend climb into the positive territory, ending a period of sustained outflows.
Bitcoin Spot ETF Netflow Has Been Rising RecentlyIn the United States, the Securities and Exchange Commission (SEC) approved spot ETFs for Bitcoin back in January 2024. Thus, these funds have now been active for more than two years.
Now, here is the chart shared by Glassnode that shows the 14-day netflow trend for the Bitcoin spot ETFs over their history so far:
As displayed in the above graph, the 14-day Bitcoin spot ETF netflow trend has witnessed a sharp rise into the positive territory recently. Note that Glassnode defines “netflow” as the 30-day change in the combined holdings of the US-based funds.
Earlier, the netflow trend had dropped into the negative territory, implying outflows were dominating the market. Not only that, the negative netflows had been persistent, so there was consistent selling pressure coming from ETF users. With the recent surge in the metric, however, the trend appears to have flipped.
From the chart, it’s visible that the indicator has witnessed a continuation to the growth as the Bitcoin price has rallied above the $70,000 level. “Institutional demand remains tentative, but early re-accumulation signs are emerging,” noted Glassnode. It now remains to be seen whether spot ETFs will follow this trajectory in the near future or if another cooldown will happen.
As is visible in the above graph, the 7-hour moving average (MA) of the Binance Bitcoin Net Taker Volume has seen a notable positive spike close to $100 million, suggesting taker buy volume has outpaced the taker sell one. “The current pump is mirroring the moves from Nov 7 and Nov 25,” said Maartunn.
BTC PriceAt the time of writing, Bitcoin is trading around $71,000, up more than 5% in the last seven days.
